Sony Communication Network To Buy Stake In Gamepot

Representatives from Tokyo, Japan-headquartered Sony Communication Network Corp. (So-net) announced that the company plans to purchase a 27 percent stake in Gamepot for 2.6 billion yen ($22 million) in an effort to broaden its online games operations. Gamepot is perhaps most recognized as the exclusive Japanese publisher of HanbitSoft's popular online fantasy golf game, PangYa. According to a Reuters report, So-net, which is owned 60.1 percent by Sony, will purchase 8,200 new shares of Gamepot in a third-party allocation. In addition, the company plans to buy 15,000 existing Gamepot shares from Gamepot's parent company, Aeria, and will also purchase 1.1 billion yen ($9.3 million) worth of Gamepot convertible bonds. Each of these transactions is expected to be finalized on October 3. Based in Japan, Gamepot is a mobile content and solutions provider that operates within both the mobile and online games space. Its online games division includes distribution services and corporate game services. In addition, the company is involved with planning, distribution and management of online game software.