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SKT Invests in Chinese Game Developer
Donews, 5/14/08
Online game developer Shanghai Magic Grids Networks announced today that it has received investment from SK Telecom. A source familiar with the situation revealed that SKT invested more than USD 15 mln into the company. Magic Grids will remain the majority shareholder, and the positions of chairman and CEO will remain unchanged.
Magic Grids, which operates the Qwd1.com gaming platform, was established in August 2006, and released a public beta of its first self-developed casual game, The Patrix, in December 2007. The company plans to release four more online games within the coming 10 months, of which two will be self-developed casual games, Yoyocici and Project S.O.N. The other two will be MMORPGs; one will be self-developed, the other will be licensed from an overseas company.
Editor's Note: A report from Sina quotes an insider as saying that the total investment from SK Telecom will be USD 30 mln over 3 years, with no less than USD 10 mln in 2008.
Keywords: Magic Grids, funding, Qwd1, Yoyocici, Project S.O.N., self-developed game, licensed game, casual game, game developer, Internet, Patrix, SK Telecom, online gaming, MMORPG, pipeline
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