NTT DoCoMo is buying the remaining interest of mobile video firm PacketVideo from NextWave Wireless in a deal worth $111.6 million. The acquisition comes as a followup to a deal last July, in which DoCoMo bought a 35 percent stake in the company for $45.5 million.
Under the terms of the deal, DoCoMo will acquire the remaining 65 percent stake and make PacketVideo a wholly-owned subsidiary. PacketVideo will continue to operate independently, with its own board of directors and under its same president and CEO, Dr. James Brailean.
Founded in 1998, PacketVideo was one of the early mobile video innovators, claiming that it was the first company to put video on a cell phone in 1999. The company powers mobile music and video services for wireless carriers around the globe, including Verizon, AT&T, Vodafone India, TeliaSonera, Telstra, Rogers Canada, Telus. NextWave acquired PacketVideo in 2005.
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