ReaNetworks has made its biggest mobile content acquisition, buying our ringback and mobile music and content platform firm WiderThan, for about $350 million. WiderThan started in Korea, and pioneered the ringback tones there and worldwide...its move into U.S. has been more on the mobile music platform side...it power Verizon VCast Music.
For H1 2006, WiderThan had $61.9 million in revenue, an increase of 39% over the same period in 2005. Net income for H106 was $7.4 million, an increase of 79% from the prior year. As of June 30, 2006, WiderThan had approximately $93 million of cash, cash equivalents and short-term financial instruments.
An analyst conference call webcast discussing this deal is at 2 PM PST, here.