DoCoMo to turn Tower Records Japan into subsidiary

Kyodo

NTT DoCoMo Inc. will transform Tower Records Japan Inc. into a subsidiary by expanding its stake in the company to 50.3 percent in mid-July from 42.1 percent.

DoCoMo said Monday it will acquire additional Tower Records shares from Dwango Co., which handles mobile music distribution services, in a bid to cooperate with Tower Records in selling music CDs and DVDs online. It did not specify the acquisition price.

DoCoMo will become the largest shareholder of Tower Records, replacing Seven & I Holdings Co., which now holds a 44.6 percent stake in the CD and DVD retailer.