Carlos Slim invests $40 mn in Shazam music app

July 8, 2013
Mexican tycoon Carlos Slim attends a meeting in Mexico City on March 17, 2013. Slim has acquired a 10.8 percent stake in Shazam, the British company behind a music recognition smartphone application that instantly identifies songs and artists.

Mexican telecoms tycoon Carlos Slim has acquired a 10.8 percent stake in Shazam, the British company behind a music recognition smartphone application that instantly identifies songs and artists.

Slim's America Movil phone company announced the capital in a statement Monday, saying that the two firms "entered into a strategic alliance for business development in the Americas."

In a separate statement, Shazam said America Movil was investing $40 million.

Slim is considered the world's second richest person after Microsoft founder Bill Gates, with an empire that includes telecommunications, mining, auto parts and retail.

America Movil offers an array of fixed-line, mobile phone, Internet and cable television services in 17 Latin American nations and the United States.

Shazam says it has 350 million users around the world with sales of digital goods of more than $300 million a year through affiliate partners like Apple's iTunes.

Explore further: Carlos Slim ups stake in NY Times to 8.1 percent

Related Stories

Carlos Slim ups stake in NY Times to 8.1 percent

October 7, 2011

Carlos Slim, the Mexican magnate believed to be the world's richest individual, has increased his stake in the The New York Times Co. to 8.1 percent, regulatory filings showed Thursday.

Mexico billionaires battle over telecoms sector

February 5, 2012

Battles between three Mexican billionaires over control of the lucrative telecoms sector heated up again this week, intensified by international criticism of monopolistic practices.

Mexican mogul Slim expands empire in Europe

June 15, 2012

Mexican billionaire Carlos Slim on Friday moved to spread his telecoms empire into central and eastern Europe by raising his stake in Telekom Austria to 9.9 percent with the aim of obtaining 25.9 percent.

Mexico moves to end telecom monopolies

March 11, 2013

Mexico's government introduced a draft constitutional reform Monday to end monopolies in telecoms industries that have built some of the country's biggest fortunes.

Recommended for you

Facebook ready to test giant drone for Internet service

July 30, 2015

Facebook says it will begin test flights later this year for a solar-powered drone with a wingspan as big as a Boeing 737, in the next stage of its campaign to deliver Internet connectivity to remote parts of the world.

Power grid forecasting tool reduces costly errors

July 30, 2015

Accurately forecasting future electricity needs is tricky, with sudden weather changes and other variables impacting projections minute by minute. Errors can have grave repercussions, from blackouts to high market costs. ...

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.