NTT Expected to Create New Multimedia Company

Nippon Telegraph & Telephone Corp. in Tokyo, the world’s largest phone
company, reportedly will form a new company next month to provide multimedia
services to expand usage on the Internet.

The new company, temporarily called NTT ME Joho Ryutsu, will provide marketing
and advertising services through the Internet as well as improved search
directory services, according to Bloomberg News.

“NTT needs a company that will play a key role in the multimedia businesses
within the group,” Yasutaka Akabane, general manager of NTT’s multimedia
business department, was quoted as saying. “We will closely work with NTT’s
other group companies to develop NTT’s overall multimedia business.”

NTT ME Joho Ryutsu will be capitalized at about $99 million with 200
employees.