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Japanese Phone Company Takes Stake in Packet Video



Editor’s Note: A previous version of this story erred in saying Docomo took a stake in the parent company rather than the subsidiary. This version corrects the error.

NextWave Wireless, a San Diego provider of wireless technology whose main subsidiary is Packet Video, said July 6 that Docomo Inc., Japan’s largest mobile phone operator, took a 35 percent equity stake in Packet Video for an investment of $45.5 million.

Packet Video already supplies Docomo with the software to replay broadband data such as music and video.

NextWave said net proceeds from the deal will be used to pay off part of its senior secured notes due July 2010.

NextWave also announced July 6 that its wholly owned subsidiary, NextWave Wireless, issued $15 million in additional senior subordinated secured notes due 2010 to an affiliate of Avenue Capital Management II. That transaction yielded $14.25 million in proceeds, the company said.

Shares of NextWave, traded on Nasdaq under WAVE, were at 47 cents as of midday July 6, and have ranged from 7 cents to $4.22 over the past 52 weeks.

, Mike Allen

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