Linktone Ltd. rises on joint venture news
Shares of Linktone Ltd. (Nasdaq: LTON) are jumping following news before the start of trading that the provider of wireless entertainment products and services has formed a joint venture with a developer of computer animation software.
Shanghai-based Linktone will partner with Greatdreams Cartoon Industry, which produces cartoon products and animation software, to provide animated cartoons to over 300 million teenagers in China.
“The ‘Greatdreams Cartoon Club’ program is broadcast for 22 minutes everyday across 500 television stations in China, and has won the hearts of our youth generation,” said Linktone CEO Michael Li in a statement. “Our focus is on the development of new and traditional media channels while using our core wireless platform to reach a broader audience.”
“By using Linktone’s extensive wireless network, we will be able to extend our reach even further into the large population of teenagers in China,” said Wang Hong, founder of Greatdreams Cartoon.
Neither company released information on the duration or financial details of the partnership.
At 3:32 p.m. ET, shares of Linktone Ltd. (LTON) had gained $0.78, or 32%, to $3.25. The 52-week high of $5.85 was reached on Dec. 1, 2006. The 52-week low of $2.03 was set on Aug. 17.
