China Mobile Ltd. (00941.HK) plans to inject 10.4 billion yuan (US$1.69 billion) into a new-media arm over the next three years, Tencent Tech news website reported Tuesday.
Migu Culture & Technology Group Co. Ltd., expected to start operations in January 2015, will integrate China Mobile’s new media operations including music, video, reading, mobile games and cartoons into a single platform.
The company will initially invest 7.1 billion yuan in Migu in 2015.
Migu will be the carrier’s sole operating vehicle for digital content and products, and the company’s other subsidiaries will be barred from providing similar services and from cooperating with third-party content providers, according to the website.
Meanwhile, China Mobile is also preparing to set up an online shopping mall as well as an internet unit that will serve as a content and mobile application distribution platform, the report said.
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