Monday, August 2, 2010
NextWave To Sell PacketVideo To DOCOMO
San Diego-based NextWave Wireless announced late Sunday evening that it is in an agreement with NTT DOCOMO, to sell the remaining 65 percent equity interest in subsidiary PacketVideo. The deal is worth $111.6M. NextWave and DOCOMO have been partners in PacketVideo since July of last year, when DOCOMO acquired about 35 percent of PacketVideo. PacketVideo develops mobile phone software used for providing multimedia services from mobile operators. NextWave said that CEO, COO, and President James C. Brailean has resigned from the firm and its board, and will go with PacketVideo, where he continues to serve as President, CEO, and board member.