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Mexico's America Movil buys 10 pct stake in Shazam Entertainment

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(Globalpost/GlobalPost)

Mexico City, Jul 9 (EFE).- Mexican billionaire Carlos Slim's America Movil said in a securities filing that it acquired a 10.8 percent stake in Shazam Entertainment Limited.

The companies plan to form "a strategic alliance" in Latin America, America Movil said in a filing with the Mexican Stock Exchange.

"Shazam is the world leader in interactive media with 350 million users in 200 countries, and adding 2 million new users weekly," America Movil said.

The Mexican wireless giant did not say how much it was investing in Shazam, but Billboard reported that the deal was worth about $40 million.

Shazam Entertainment Limited, which was founded by Chris Barton and Philip Inghelbrech in 1999, began offering music in 2002.

The company's most popular application allows mobile phone users to identify any song they hear playing.

http://www.globalpost.com/dispatch/news/agencia-efe/130709/mexicos-america-movil-buys-10-pct-stake-shazam-entertainment