November 29, 2024

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Logos of Nexon and Agbo (Nexon)

South Korean game developer Nexon said Monday it has become the largest shareholder of US production company Agbo, co-founded by Anthony and Joe Russo, the directors of Marvel’s global megahits.

After initially investing $400 million to acquire 38 percent of Agbo’s shares in January, Tokyo-listed Nexon recently invested an additional $100 million to acquire 11.21 percent.

The latest acquisition made the game developer the No. 1 shareholder of the US firm, with 49.21 percent of its shares.

Nexon said it plans to discuss with Agbo projects to create movies and TV shows using Nexon's game-related intellectual properties and using external intellectual properties to expand its game business.

Agbo was founded in 2017 and has worked with Netflix, Amazon Prime and Disney+ to create streaming media content.

“Agbo and Nexon share a fundamental vision for thrilling global audiences with content that spans multiple platforms and markets,” Nexon CEO Owen Mahoney said in January during the company’s announcement of its first investment.

Meanwhile, Nexon also announced it would participate in the production of commercial movies during a preview event held Nov. 8 for South Korea’s largest gaming convention, G-Star.

By Lee Seung-ku (seungku99@heraldcorp.com)