|Korea’s SK Telecom has purchased 30 percent of Shanghai-based Magic Tech Networks for $7.8 million as part of a plan to ‘aggressively’ advance into the Chinese online gaming market.|
Magic Tech owns MagicGrids Networks, a Chinese Internet games service provider, and the deal will see SK Telecom actively participate in key decisions for the subsidiary along with developing and publishing online games.
'This year marks the first year that SK Telecom entered the Chinese convergence market,” said Suk Hwan Lee, President for SK Telecom.
“Following telematics, music and entertainment industries, now we are heading toward the Chinese games market. By participating in the management of MagicGrids Network we aim to enhance our core competitiveness in the Chinese online gaming market and become a hub for the Asian game industry.'
Established in 2006, MagicGrids Networks develops and publishes advanced online games and is known for its high-quality content and development capacities. The firm recently established a distribution and marketing network for publishing services throughout China and also offers a number of titles including The Patrix, a shooting game that has won several industry awards.
SK Telecom stated that online gaming is crucial in the new convergence industry along with music and revealed that the Chinese market was worth $1.17 billion last year in total revenues.