GREE and Yahoo pump 200m yen into mobile social gaming venture | Social Media | Mobile Entertainment

GREE and Yahoo pump 200m yen into mobile social gaming venture

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Zen Terrelonge

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Social / Yahoo / February 18th 2013 at 10:38AM

Initiative given the 'tentative name' of GxYz (pronounced jik-seas).

Games giant GREE and Yahoo Japan have joined forces to spend 200 million yen ($2.2m) on a new venture 'that will focus on the development and operation of social games for smartphones'.

The tentatively named GxYz (pronounced jik-seas) initiative will see GREE cough up 51 per cent of the capital with Yahoo supplying the rest. The deal comes following the pair announcing a partnership back in November 2012 to work on a mobile entertainment business, and the final product is set to launch on March 15th.

The companies plan to explore 'new possibilities in the game development business' with GREE providing its games expertise, and Yahoo supplying a vast user base through its search and media services.

The duo's ultimate aim is to 'create new value in the internet and entertainment world,' and they will split corporate social responsibilities for sharing and promoting the content.