SOFTBANK funds OhmyNews Co., Ltd. in South Korea and its Japanese arm
SOFTBANK CORP. (Head office: Minato-ku, Tokyo; Representative: Masayoshi Son; hereinafter “the Company”) and OhmyNews Co., Ltd. (Head office: Seoul, South Korea; CEO : Oh Yeon Ho; hereinafter “OMN”) have reached an agreement that; the Company will subscribe for new shares to be issued by OMN by third-party allotment, which worth 5.2 million US dollars (approximately 610 million yen), and that the Company will invest 693 million yen in OhmyNews International Corp., which OMN plans to establish as its Japanese arm.
OMN established “OhmyNews”, an Internet news site aimed at promoting citizen participatory journalism, in February 2000, under the concept of “every citizen is a reporter”. The site has now established a firm position in the news industry in South Korea.
OMN will invest the funds gained from the third-party allotment to strengthen its operations of “OhmyTV”, a citizen-led Internet broadcasting service, and “OhmyNews” English language edition, a news site citizen reporters participate in from 65 countries and regions. OMN, in parallel, plans to establish OhmyNews International Corp. and, with the backing of the Company, work toward the launch of a citizen-led news site in Japan.
1. Outline of Investment
(1) Details of third-party allotment of new shares to be issued by OMN
| Number of newly issued shares | 51,351 shares |
|---|---|
| Aggregate amount of newly issued shares | 5.2 million US dollars (approx. 610 million yen) |
| Date of Payment | February 21, 2006 |
| Purchaser and number of shares to be allotted | SOFTBANK CORP., 51,351 shares (ownership ratio: 12.95%) |
(2) Details of investment by the Company in OhmyNews International Corp. (planned)
| Breakdown of investment |
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|---|---|
| Date of investment | March 2006 |
2. Outline of OhmyNews International Corp. (planned)
| Corporate Name | OhmyNews International Corp. |
|---|---|
| Date of establishment | March 2006 |
| Capital at time of establishment |
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| Capital after capital increase |
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| Ownership ratios after capital increase | 70% OMN ; 30% the Company |
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