Sony Music Japan to Become GungHo's Largest Shareholder in Business Alliance
GungHo Online Entertainment announced a capital and business alliance with Sony Music Entertainment Japan. SME will acquire 12,006,500 GungHo shares from SON Financial LLC for about 28.6 billion yen (roughly US$179 million) in an off-market transaction. Pending regulatory approval, SME becomes GungHo's largest shareholder and an affiliated company. The two will explore joint development and operation of smartphone, console, and PC games, plus new projects using SME Group IP. GungHo keeps its Tokyo Stock Exchange listing.