Post by leunas on Mar 21, 2007 16:08:29 GMT -5
Author: Chris Leyton | Date Added: 20/03/2007
Electronic Arts today strengthened its ties to Neowiz Corporation, confirming plans to make an equity investment in the Korean-based online gaming company.
After the successful launch of FIFA Online between the two companies last year, which saw 4.4 registered subscribers across the region, EA sees the company as a vital footstep into the lucrative online Korean market.
Upon completion of the agreement, EA will own approximately 19% of common stock equivalent, comprised of 15% of common stock and 4% of preferred stock of Neowiz that can be converted into common stock at a later date. The investment will total $105 million, making EA the second largest shareholder behind CEO/Founder Sung Kyun Na.
Both EA and Neowiz confirmed plans to co-develop four online titles exclusively for the Asian market, with Neowiz retaining the rights to publish two of the four titles in Korea and Japan.
"Our partnership with EA has been a tremendous success in Korea," said Neowiz CEO Sung Kyun Na. "EA has a rich portfolio of game franchises and we look forward to partnering with them on bringing new titles and in new markets in Asia."
"We are extremely happy with the expertise Neowiz showed in launching FIFA Online in Korea last year. We think they will be a great partner for bringing other EA franchises to the rapidly growing market for online games in Asia," said EA Chairman and CEO Larry Probst.
www.totalvideogames.com/news/EA_Invests_In_Online_Asian_Games_11415_0_0.htm
Electronic Arts today strengthened its ties to Neowiz Corporation, confirming plans to make an equity investment in the Korean-based online gaming company.
After the successful launch of FIFA Online between the two companies last year, which saw 4.4 registered subscribers across the region, EA sees the company as a vital footstep into the lucrative online Korean market.
Upon completion of the agreement, EA will own approximately 19% of common stock equivalent, comprised of 15% of common stock and 4% of preferred stock of Neowiz that can be converted into common stock at a later date. The investment will total $105 million, making EA the second largest shareholder behind CEO/Founder Sung Kyun Na.
Both EA and Neowiz confirmed plans to co-develop four online titles exclusively for the Asian market, with Neowiz retaining the rights to publish two of the four titles in Korea and Japan.
"Our partnership with EA has been a tremendous success in Korea," said Neowiz CEO Sung Kyun Na. "EA has a rich portfolio of game franchises and we look forward to partnering with them on bringing new titles and in new markets in Asia."
"We are extremely happy with the expertise Neowiz showed in launching FIFA Online in Korea last year. We think they will be a great partner for bringing other EA franchises to the rapidly growing market for online games in Asia," said EA Chairman and CEO Larry Probst.
www.totalvideogames.com/news/EA_Invests_In_Online_Asian_Games_11415_0_0.htm