MediaCorp continues spending spree in tech scene, buys majority stake in gaming site Cubinet

MediaCorp continues spending spree in tech scene, buys majority stake in gaming site Cubinet

MediaCorp, the largest media broadcaster in Singapore, has acquired a majority stake in online gaming site Cubinet Interactive, hot on the heels of its investment in another online site last week.

The move continues MediaCorp’s spending spree in the tech scene, marking its first-ever investment in an online gaming site and only the second time that it has pumped money into a website after it led a $40 million investment in luxury shopping site Reebonz.

MediaCorp declined to reveal the amount it paid for the Cubinet stake, with a spokesperson saying that company information isn’t readily available to the public in Malaysia and Cubinet was thus reluctant to reveal investment information that could be deemed classified.

Cubinet offers a variety of casual games and Massively Multiplayer Online Role-Playing games, which include 9Yin and Forsaken World – apparently popular in the region.

By tying up with a gaming site, MediaCorp aims to connect more with youths who are spending an increasing amount of time online, and even has its eye on turning Cubinet content into television shows.

“It’s a strategic fit with our outreach to youths, who spend a lot of time online. Cubinet’s reach provides a regional audience for our youth-oriented services. In turn, MediaCorp is keen to see how for example, Cubinet’s content could be turned into popular TV shows. The possibilities are endless,” said MediaCorp CEO Shaun Seow in a press statement.

Cubinet was founded in 2006 in Kuala Lumpur, Malaysia. It has since set foot in four other countries in Southeast Asia – Singapore, Thailand, Philippines and Vietnam.

Headline image via Thinkstock

Read next: Microsoft to launch new 256GB Surface Pro with Office 2013 and arty Touch Covers in Japan on June 7