Glu Mobile Secures Strategic Investment from Time Warner
Andy Heller, President of Domestic Distribution for Time Warner's Turner Broadcasting, Inc., Joins Glu Mobile's Board of Directors;
LONDON, UK - AUGUST 23, 2005 - Glu Mobile (formerly Sorrent, Inc. and Macrospace Ltd.), a leading creator and global publisher of mobile entertainment, today announced that Time Warner Inc. (NYSE: TWX) has made a strategic investment in the company's series D round of financing that was led by Granite Global Ventures in May of 2005. Glu plans to use the proceeds to help continue its global expansion.
"Glu has made huge strides over the past year to solidify its position as a leading mobile entertainment company," said Greg Ballard, president and chief executive officer, Glu Mobile. "Time Warner's investment in Glu is strategically significant for the industry at large, and it validates the efforts we've made to make Glu the thriving company it is today."
"Our strategic partnership with Glu Mobile is an important addition to Time Warner's mobile entertainment initiatives," said Rachel Lam, vice president and group managing director of Time Warner Investments. "We are excited about this company's prospects and are delighted to help support the global expansion of an established industry leader that has a proven ability to develop high-quality wireless games and establish strong distribution partnerships."
Andy Heller, president, domestic distribution, Turner Broadcasting, Inc. and head of Turner's GameTap operations, will join Glu's board. Existing board member, Dan Skaff, will take the position of lead director.
"We're committed to working with the world-class team at Glu to help this company build upon its leadership position in the mobile entertainment industry," said Andy Heller, president, domestic distribution, Turner Broadcasting, Inc. "Glu Mobile, which already develops games in partnership with Turner, will benefit from access to Time Warner's other leading brands and businesses."
Terms of the investment are not being disclosed. For more information, please visit www.glu.com.
About Glu Mobile
Glu Mobile (formerly Sorrent, Inc. and Macrospace Ltd.) is a leading developer and global publisher of mobile entertainment. Glu publishes original titles and entertainment based on major brands including Atari, Cartoon Network, FOX Sports, Nickelodeon, PopCap Games and Twentieth Century Fox. The company has more than 100 entertainment applications including games, ringtones, screens and applications available via 90 carriers worldwide. Glu also offers a complete mobile gaming sourcing, management and delivery solution, ProvisionX. Based in San Mateo, California with offices in London and Singapore, Glu is funded by top venture firms NEA, BA Venture Partners, Granite Global Ventures, Sienna Ventures and Globespan Capital Partners, as well as by Time Warner Investments. Consumers can find fresh entertainment created exclusively for their mobile phones wherever they see the 'g' character logo or at www.glu.com.
About Time Warner
Time Warner Inc. is a leading media and entertainment company, whose businesses include interactive services, cable systems, filmed entertainment, television networks and publishing.
About Time Warner Investments
The Time Warner Investments group targets non-control strategic investments that have a clear impact on our divisional operations and directly enhance Time Warner's ability to meet specific strategic goals. These strategic goals include the delivery of new services, enhancement of an existing product, entry or expansion into a key strategic market, completion of a strategic partnership, and critical research and development. For more information see www.timewarnerinvestments.com.
GLU MOBILE, GLU, and the 'g' character logo are trademarks of Glu Mobile. All other trademarks are the property of their respective owners.