Advertising agency Dentsu Inc. said Thursday it has established a joint venture with Toyota Motor Corp. and Sony Corp. to procure and supply music and digital content to various multimedia terminals.
The new venture, Mediarag Corp., which was set up Wednesday upon the completion of capital allocation, is capitalized at 400 million yen and owned 34 percent by Dentsu and 33 percent each by Toyota and Sony, Dentsu officials said.
Full-scale operations of the new firm will begin after all contracts presently held by an independent company that shares the same name, Mediarag Corp., are transferred to the venture, Dentsu said.
Mediarag has been involved in the procurement and supply of music content to various multimedia terminals, according to Dentsu.