Softbank Corp. and Broadcast.com Inc., both leading U.S.-based video and audio Internet broadcasting companies, will set up a joint venture to provide a Japanese-language Web broadcasting service, the firms announced Monday in Tokyo.
Broadcast.com Japan Corp. will be capitalized at 550 million yen, with Softbank taking a 50 percent stake in the firm, Broadcast.com Inc. 40 percent, and Yahoo Japan Corp. the remaining 10 percent, the firms said. Softbank President Masayoshi Son said that he will serve as the president of the new company for the time being until a replacement is recruited.
According to Todd Wagner, chief executive officer of Broadcast.com Inc., the firm now broadcasts a total of 65,000 hours of on-demand audio and video programming over the Internet each day.