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Distribution deal with SK Telecom brings FOX Sports to Korea.
Mobile developer and publisher Sorrent, Inc. has released details regarding a pair of transactions involving the company.
Sorrent has raised $20.0 million in Series C financing through an initiative led by BA Venture Partners. Current investors New Enterprise Associates (NEA), Globespan Capital Partners and Sienna Ventures also joined in the financing round. BA Venture’s director Sharon Wienbar will also join Sorrent’s board of directors.
"This round can be seen as a vote of confidence in both Sorrent and the industry from some of the nation's most sophisticated investors," said Greg Ballard, Sorrent’s president and CEO.
Sorrent also announced that it has assigned a direct distribution deal with SK Telecom, Korea’s largest wireless carrier. SK Telecom will distribute Sorrent’s mobile Java entertainment products; beginning with Yao Ming Basketball '04 presented by FOX Sports, FOX Sports Track & Field '04, FOX Sports Batter Up! and FOX Sports Boxing.
SK Telecom has over a 50.0 percent market share in Korea, a market billed as “one of the three largest mobile gaming markets” in the world, “larger than Japan and as large as all of Europe, with 37 million mobile subscribers.”
The deal is SK Telecom’s first direct relationship with a foreign partner.
