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Nintendo buys stake in Niconico owner Dwango

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Nintendo bought 612,000 shares in Dwango, a web service company that provides content through mobile phones, Bloomberg reports. However, a Nintendo spokesperson said this does not mean the company has plans to distribute games through Dwango's video delivery system, Niconico.

According spokesperson Yasuhiro Minagawa, the shares were acquired at the request of Dwango Chairman Nobuo Kawakami for his personal funding needs. Nintendo already promotes its games through Dwango's Niconico system, but it is unclear if the share acquisition will lead to the company finding additional uses for Dwango's services.

Nintendo's stock rose 5.15 percent after the announcement of the new. Dwango's shared rose by 21 percent, according to a statement filed with the Tokyo Stock Exchange.