Japan’s GREE Inc (TYO:3632), operator of the eponymous social network service, and Yahoo Japan Corp (TYO:4689), a unit of US digital media giant Yahoo! (NASDAQ:YHOO), said Monday they had agreed to set up a mobile social games joint venture in Japan.
The venture, which is dubbed tentatively GxYz Inc, will be 51% owned by GREE and 49% by Yahoo Japan. It is planned to be established on 15 March 2013.
The companies note they had entered into an agreement in November 2012 to join forces to set up a new entertainment business zeroing on smartphones.
GxYz will combine Yahoo Japan’s user acquisition capabilities and GREE’s social gaming development and operational know-how, the parties added, adding that the JV will enhance their smartphone social gaming business partnership.