Technology

Carlos Slim's America Movil Plows $40M Into Shazam

Second-screen firm scores investment amid continued expansion into television, pursuit of IPO 7/08/2013 10:24:36 AM Eastern

America Movil, the telecom carrier led by billionaire tycoon
Carlos Slim, has invested $40 million in Shazam Entertainment, the U.K.-based
firm that specializes in second-screen music and TV recognition applications.

The companies have also forged a "strategic business
collaboration for the Americas."

Shazam, which raised $32 million in 2011 and was founded in
2002, said the new funding will help it accelerate its music business, its
continued expansion in television, and drive the development of new products.

"Shazam is defining a new category of media engagement which
combines the power of mobile with traditional broadcast media and advertising
to create compelling value added experiences for consumers, content providers
and brands." Slim said, in a statement. "We are excited to bring this
innovation to America Movil subscribers as we continue to further differentiate
our services as the market leader in Latin America."

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