Yahoo Japan and GREE to spend 200m Yen for mobile social gaming

Yahoo Japan and games giant GREE have come together to spend 200 million Yen ($2.2 million) on a new venture to focus on the development and operation of social games for smartphones.

The project has been given the tentative name GxYz (pronounced jik-seas). This new initiative will see GREE put up 51% of the capital and Yahoo supplying 49%. The deal comes as a follow up of the partnership that the two announced in November 2012 where they pledged to work on the mobile entertainment business. The final product is set to launch on March 15th.

The plan is to explore new possibilities in the game development business with GREE’s games expertise and Yahoo’s vast user base.

The duo ultimately aims to create new value in the internet and the entertainment world. The corporate social responsibilities will be split among GREE and Yahoo Japan for sharing and promoting the content.

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