Softbank will not invest in messaging app, says COO

Ken Miyauchi, COO at Softbank, told reporters today that it has no plans to invest in messaging application, Line, amid rumours that the pair were to unveil a strategic alliance.

Owned by South Korean Naver, Line reportedly attracted investment from SoftBank and Alibaba Group earlier this year, and plans to hold a media event about its business strategy on October 9, sparking rumours that Softbank could again be interested in the firm.

A source with knowledge of the situation told Reuters in July that Naver was not considering a stake sale to either Softbank or Alibaba.

However, Line has reportedly now submitted applications in both New York and Tokya for an initial public offering.