FORT LEE, N.J.-SkyZone Entertainment Inc. fattened its wallet with a $13.5 million investment from sister company SK C&C, the mobile entertainment publisher announced.
SkyZone offers mobile Web portals, games and ringtones, and holds licenses for franchises including Duke Nukem, Rocky and Stargate SG-1. SK C&C is a Korean technology services and consulting firm.
Both SkyZone and SK C&C are subsidiaries of SK Group, Korea’s third-largest conglomerate with more than $50 billion in annual revenues. The parent company hopes to couple SK C&C’s 3-D and multiplayer technology with SkyZone’s game-making experience.
“SK C&C’s growing portfolio of digital media initiatives is structured to promote compelling innovation in the entire digital media spectrum, including mobile communications,” SkyZone Chief Executive Officer James Wee said. “We’re excited about the possibilities created by our investment in mobile entertainment leader SkyZone.”
Meanwhile, fellow wireless entertainment publisher Summus Inc. said it raised $8 million in a private placement with two institutional investors. Liberty Associated Partners L.P. joined existing investor Rock Hill Investment Management L.P. in the financing.
Summus said it plans to use the cash to fuel its off-deck marketing strategy, including launching a mobile content portal early next year.
“This financing provides us with additional funding to accelerate our direct-to-consumer portal strategy,” said Gary Ban, Summus’ chief executive officer. “Right now, our No. 1 priority is growing our market share through our core business on the carriers, as well as our new online strategy, which is designed to help us achieve a more rapid pace of growth towards profitability.”
