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EA Invests in Neowiz

| 22 Mar 2007 14:54

Electronic Arts invests in Korean FIFA Online developer.

Game publisher and developer Electronic Arts has purchased a 19 percent stake of South Korea developer Neowiz for $105 million. As part of the investment, EA will recieve 15 percent of the company in common stock and five percent in preferred stock which can be converted back to common stock at a later date.

Last year, Neowiz and EA co-developed and published the online soccer title FIFA Online in Korea. This partnership is set to continue on four more online titles, two to be published by Neowiz in Asia.

Neowiz founder and largest shareholder Sung Kyun Na commented on the partnership. "Our partnership with EA has been a tremendous success in Korea. EA has a rich portfolio of game franchises and we look forward to partnering with them on bringing new titles and in new markets in Asia."

Larry Probst, CEO of EA, discussed his company's expansion into Asia. "We are extremely happy with the expertise Neowiz showed in launching FIFA Online in Korea last year. We think they will be a great partner for bringing other EA franchises to the rapidly growing market for online games in Asia."

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