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Social Gaming Company Kabam Gets Funding from Warner Bros., MGM

Dec 13, 2012

U.S. social gaming company Kabam on Tuesday announced that it has raised a new round of funding from Warner Bros. Entertainment and Metro-Goldwyn-Mayer Studios (MGM).

Privately-held Kabam is headquartered in San Francisco and also has offices in U.S. city Austin, China's Beijing and Luxembourg.

Founded in 2006, the company focuses on developing games to be played online, on major social networks as well as on mobile devices.

Kabam didn't disclose the amount of the new investment. According to a report by technology news site TechCrunch, the company previously raised 125 million U.S. dollars in venture capital from four separate rounds.

The latest funding came after the recent release of "The Hobbit, Kingdoms of Middle-earth," a mobile game co-developed by Kabam and Warner Bros. Interactive Entertainment, Warner Bros.' video games division.

The game was based on Peter Jackson's "The Hobbit Trilogy", the first of the three films is set to hit theaters on Dec. 14.

Kabam said that a month after its release, The Hobbit mobile game has become the 13th top-grossing app on Google mobile platform and a top-25 grossing mobile app on Apple platform in the United States.

The company and Warner Bros. Interactive Entertainment are now co- developing "The Hobbit: Armies of the Third Age", another Hobbit game to be played via web browsers, for release early next year.

In addition to the investment, Kabam also announced that top executives from Warner Bros. and MGM will join its board as member and observer.

"Partnering with Warner Bros. and MGM is a natural fit for Kabam as we create new story lines and extensions of Hollywood studios' intellectual properties for millions of gamers worldwide, " Kevin Chou, Kabam's co-founder and chief executive officer, said in a statement.

Source: Copyright Xinhua News Agency - CEIS 2012

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