KDDI announced a strategic investment in CDNetworks, a global content delivery network service provider in Korea, according to an October 17, 2011 report by Japan Today. As per the agreement, KDDI will spend approximately US$167 million on buying 85.5% of common shares in CDNetworks. CDNetworks currently operates its content delivery network business in 70 cities across 31 countries, mainly in Korea, Japan, China, Europe, and the United States. Combining its Internet network and the strategic investment in CDNetworks, KDDI said that the company will bring new value to various Internet service providers as well as content providers.