Berlin-based Universal Music Germany has acquired a 10% stake in German mobile telecommunications firm Net Mobile.
In a statement, Frank Briegmann, president and CEO Universal Music Germany, says the pact heralds a strategic expansion of the music major’s mobile business. Financial terms of the deal were not disclosed.
Net Mobile AG is a provider of telecommunication services and applications for users of mobile and fixed network telephones. Its products include ring tones, games and pictures. The Duesseldorf-based company was founded in October 2000 and now employs 55 staff. Last year, it reported revenue of €32.1 million ($38 million).
Universal Music Group affiliate Universal Music Mobile in October signed a “letter of intent” with Net Mobile to co-operate on services in Germany, Switzerland and Austria.
