The9 Limited Announces Forming a Joint Venture with Qihoo 360
SHANGHAI, July 31, 2014 /PRNewswire-FirstCall/ — The9 Limited (NASDAQ: NCTY) (“The9”), an online game developer and operator, announced that The9 and Qihoo 360 Technology Co., Ltd. (“Qihoo 360”) had entered into an agreement today to form a joint venture. Pursuant to the joint venture agreement, The9 and Qihoo 360 will each own 50% equity interest in the joint venture and share profits according to this ratio.
The9 and Qihoo 360 agreed that the joint venture will publish and operate Firefall®, a MMO Shooter game developed by Red 5 Studios, Inc., a subsidiary of The9, for a three-year term in China and may be renewed for additional two years upon satisfaction of certain conditions. The license and distribution agreement will be signed separately between the joint venture and the developer.
About The9 Limited
The9 Limited is an online game developer and operator. The9 develops and operates, directly or through its affiliates, its proprietary MMO, web and mobile games including Firefall® and NBA web and mobile games. In 2010, The9 established its Wireless Business Unit to focus on mobile internet business including mobile reading platform KingReader and mobile advertising platform Juzi . In 2013, The9 formed a joint venture with Shanghai ZTE to develop and operate home entertainment set top box business.
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