Disney buys wireless marketing company in Hong Kong
Thursday, August 31, 2006, 11:01
Walt Disney Co., the second-largest US media company, purchased wireless marketer M2W Ltd. to reach more cell-phone users in Asia. M2W, the Hong Kong-based operation of marketing company Mobile2win, develops campaigns for cell phones in Asian markets, Burbank, California-based Disney said today in an e-mailed statement. Financial terms weren't disclosed. The deal extends CEO Robert Iger's push to sell Disney programs and video games to Asian mobile-phone and Internet users. This year, Disney agreed to provide shows to two Indian cell-phone companies. The company also said Shanghai-based Shanda Interactive Entertainment Ltd. will create an online game based on Disney content. Disney in July began providing children's content for an Internet service run by Sydney-based Optus.
Shares of Disney rose 46 cents, or 1.6%, to $29.77 at 4 p.m. New York time in composite trading. They have risen 23 % this year. Mobile2win reaches 240 million mobile consumers in China and another 26 million and India, according to the company's Web site. The company's principal shareholders are a unit of Siemens AG, Softbank China Venture Capital and its former parent, Contests2win India Pvt. Ltd., according to the Web site. Michelle Haworth, a spokeswoman for Walt Disney Internet Group, said the company wouldn't comment beyond the e-mail. (Bloomberg)