Top > Business > 2005 > November > 2005-11-11

DoCoMo Acquires Majority Stake In Tower Japan

Japan`s leading mobile operator NTT DoCoMo signed an agreement with Tower Records Japan to become the key shareholder in the privately held division of the music retail chain. DoCoMo says it will put in 12.8 billion yen for a 42 percent stake. The deal is likely to close by late November.

"We thought this would be the best way to provide users with a convenient and fun service while contributing to revenues," says Takeshi Natsuno, senior vice president and managing director of DoCoMo`s multimedia services department.

Tower Records Japan will set up equipment in all its stores for DoCoMo users so they can make purchases by using their "wallet" phone like a debit card. According to anonymous reports, the agreement will also allow the two companies to couple in-store promotions with marketing efforts, via mobile phones.