Stock Watch: Yahoo! Agreement Powers GigaMedia

GigaMedia (Nasdaq: GIGM) rose 13/16 to 11 7/16 Tuesday after the company, which provides Internet access service and content in Taiwan, signed a distribution and promotion agreement with Yahoo! (Nasdaq: YHOO).

The two companies will set up and develop a co-branded broadband Web site featuring multimedia entertainment content aimed at a Chinese audience. The site will be available only to subscribers of GigaMedia’s access service.

“This cooperation with Yahoo! offers our subscribers more broadband content choices, which we expect to further drive up our subscriber growth,” said GigaMedia CEO Raymond Chang.

According to Chang, the deal will diversify GigaMedia’s revenue stream and enhance its appeal to prospective new corporate subscribers.

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