GMA New Media Inc. to infuse P130M in E-Games

GMA New Media Inc. (NMI), the Internet division of broadcast firm GMA Network, has agreed to invest P130 million into IP E-Game Ventures by subscribing in the mandatory public offering of the online gaming firm. E-Games and NMI are currently joint venture partners in X-Play Online Games, which offers casual online games such as Audition Dance Battle and Band Master. Interestingly, NMI has been following the lead of main rival ABS-CBN, whose Internet vehicle has also gotten into online gaming. E-Games and NMI have also signed an “option agreement" whereby NMI was granted the option to sell its shareholdings in X-Play to E-Games, which can be exercised within a period of one year from execution date. e-Games CEO Enrique Gonzalez commented, “We are proud to have NMI join our company as a shareholder and strategic investor. With the number of Internet users reaching 30 million this year, and our dominance in the Internet cafe space, we believe there are tremendous synergies between consumer Internet and TV." E-Games has expanded its online gaming user base last year through the development of its Internet café network. The company has acquired Netopia, the largest and most prominent brand of Internet cafes, and CyBr, another Internet café brand that focuses on catering the online gaming community. The consolidation of these Internet cafes gave E-Games a total of about 130 branches around the Philippines. The company said it is looking to quadruple this number in the next three to five years. — Newsbytes.ph