Partnership with Wargaming.net seals operating rights in China for all current games
Wargaming.net has entered into a strategic partnership with KongZhong, the digital entertainment company that brought their hit MMO World of Tanks to mainland China.
World of Tanks has been followed by World of Warplanes and World of Battleships, creating a unique franchise in a genre dominated by role-playing fantasy titles.
The deal with Wargaming.net guarantees KongZhong long-term operating rights in China for all current titles.
In addition, the terms stipulate a commercial launch in mainland China for all future titles, to which KongZhong is entitled the right of first offer for operating rights.
In return, the chinese company's board of Directors has approved a grant of warrants, ranging in duration from one to six years, for the issue of up to five million American depository shares in KongZhong to Wargaming.net at an excercise price of $5.94.
"We are excited to have Wargaming.net as a strategic partner of KONG," said KongZhong CFO and board member Jay Chang.
"Through this partnership, we have fully aligned our long-term interests to maximize the success of all of Wargaming.net's games in the China market for many years to come,"
Victor Kislyi, CEO of Wargaming.net said, "After a year of close cooperation and success with World of Tanks in China, we believe KONG is the ideal partner to support the growth and development of all of Wargaming.net's existing and future games for the China market and we are proud to be a strategic partner with KONG."