Webzen Sells China Rights to Soul of the Ultimate Nation for $13 Million to The 9: Financial News - Yahoo! Finance
Webzen Sells China Rights to Soul of the Ultimate Nation for $13 Million to The 9
Tuesday December 13, 2:09 pm ET
The Largest Export Transaction in Korea's Online Game History 22% Royalty Based on Revenues for Three Years After Starting Service
SEOUL, South Korea--(BUSINESS WIRE)--Dec. 13, 2005--The export contract price for a Korean online game has just passed the $10 million mark. Webzen, Inc. (NASDAQ:WZEN - News) today announced that it has signed an export contract for its much-anticipated massively multiplayer online role playing game (MMORPG) Soul of the Ultimate Nation(TM) with China's premier game publisher The 9.
The value of this contract is the largest single export transaction in Korea's online game history. With the included minimum annual guarantee, the total contract price comes to $13 million. In addition, after commencement of service in China, 22% royalty based on revenues will be paid to Webzen, Inc. for three years.
"We're quite pleased with this first deal, which is the result of a whole lot of investment and effort," said Nam Ju Kim, chief executive officer, Webzen, Inc. "Along with China, we have also been discussing the Soul of the Ultimate Nation service with companies in Europe and other areas of the world. We are confident that we will continue to get great results. With this contract, Soul of the Ultimate Nation's value and interest will increase in the global market."
Zhu Jun, chief executive officer, The 9, said, "The signing of this contract has taken the relationship between the two companies to another level, and as we did with MU, we'll be proving our operational capabilities once again with Soul of the Ultimate Nation. After completing its localization and stabilization, we'll be in the testing phase by the end of 2006."
Having achieved more than 56 million registered users worldwide with the company's first MMORPG MU, Webzen, Inc. is poised to create another legend in Asia with the signing of the contract for Soul of the Ultimate Nation with The 9, one of China's top three publishers."
Tuesday December 13, 2:09 pm ET
The Largest Export Transaction in Korea's Online Game History 22% Royalty Based on Revenues for Three Years After Starting Service
SEOUL, South Korea--(BUSINESS WIRE)--Dec. 13, 2005--The export contract price for a Korean online game has just passed the $10 million mark. Webzen, Inc. (NASDAQ:WZEN - News) today announced that it has signed an export contract for its much-anticipated massively multiplayer online role playing game (MMORPG) Soul of the Ultimate Nation(TM) with China's premier game publisher The 9.
The value of this contract is the largest single export transaction in Korea's online game history. With the included minimum annual guarantee, the total contract price comes to $13 million. In addition, after commencement of service in China, 22% royalty based on revenues will be paid to Webzen, Inc. for three years.
"We're quite pleased with this first deal, which is the result of a whole lot of investment and effort," said Nam Ju Kim, chief executive officer, Webzen, Inc. "Along with China, we have also been discussing the Soul of the Ultimate Nation service with companies in Europe and other areas of the world. We are confident that we will continue to get great results. With this contract, Soul of the Ultimate Nation's value and interest will increase in the global market."
Zhu Jun, chief executive officer, The 9, said, "The signing of this contract has taken the relationship between the two companies to another level, and as we did with MU, we'll be proving our operational capabilities once again with Soul of the Ultimate Nation. After completing its localization and stabilization, we'll be in the testing phase by the end of 2006."
Having achieved more than 56 million registered users worldwide with the company's first MMORPG MU, Webzen, Inc. is poised to create another legend in Asia with the signing of the contract for Soul of the Ultimate Nation with The 9, one of China's top three publishers."
