Nexon Invests 600 Billion KRW in Production Company Founded by 'Avengers' Director (Comprehensive)

Investment in US AGBO Studio
'Avengers' Russo Brothers' Production Company... Rises to Second Largest Shareholder
Last Year, Successive Hires from Disney and Marvel
Transforming into a Global Entertainment Company

[Asia Economy Reporter Kang Nahum] Nexon is making a total investment of approximately 600 billion KRW in the U.S.-based AGBO studio, founded by world-renowned film directors the Russo brothers and producer Mike Larocca. Through this, Nexon plans to accelerate the global expansion of its own and new intellectual properties (IPs) in the film and TV sectors, further strengthening its influence in the entertainment market. Industry experts say this could be a turning point for Nexon to transform from a game company into a global content powerhouse.

◆ Nexon becomes the second-largest shareholder of AGBO = According to Nexon's Japan branch on the 6th, Nexon has decided to invest $400 million (approximately 480 billion KRW) in AGBO studio. An additional investment of up to $100 million (approximately 120 billion KRW) is planned for the first half of this year.

AGBO is a global entertainment production company established to create various digital media content, including films. The Russo brothers, who directed four Marvel movies such as "Avengers: Endgame" and "Captain America: Civil War," along with screenwriters Christopher Markus and Stephen McFeely, are part of the writing team.

Currently, AGBO is producing film and television content for video streaming services and theatrical distribution in partnership with Netflix, NBC Universal, Amazon Prime Video, Disney+, Apple TV+, A24, Roku, and others.

With this investment, Nexon will secure more than 38% of AGBO's shares, making it the second-largest shareholder after AGBO's management team. Consequently, Nick van Dijk, Nexon's Chief Strategy Officer (CSO), and Tim Connors, Nexon's Senior Vice President of Film & Television, will join AGBO's board of directors.

Owen Mahoney, CEO of Nexon, stated, "Nexon has a unique ability to develop major IPs and maintain their popularity by servicing global markets for decades. AGBO and Nexon share a core vision of inspiring customers worldwide with content spanning various platforms and markets."

The Russo brothers also said, "The partnership between Nexon and AGBO will be a crucial turning point in expanding the global influence of franchise films and games. Through this collaboration, employees from both companies will share a vision for the future of storytelling and demonstrate exceptional capabilities."

Owen Mahoney Nexon CEO

◆ "Leap to a global content company" = Nexon's large-scale investment aligns with the management goal of its founder, Kim Jung-ju, NXC director, to transform Nexon into a global content company like Disney. Nexon's parent company, NXC, announced its start as a comprehensive entertainment company by transitioning to a professional management system last July, including hiring Alex Iosilevich, a former multinational investment bank CIO.

Since last year, NXC and Nexon have been actively recruiting overseas talent and making large-scale investments. The recruitment of van Dijk, a former Disney CSO, in July last year marked the beginning of this goal. Van Dijk is known for leading the acquisitions of Pixar, Marvel, and Lucasfilm while at Disney. Since joining Nexon, he has overseen the Nexon Film & Television division, working to expand IP influence. The AGBO studio investment was also reportedly led by van Dijk.

In December last year, Nexon also recruited Tim Connors, a former top executive at Activision Blizzard and Marvel Studios, in the same context. After Disney acquired Marvel Studios, Connors served as Chief Operating Officer (COO), overseeing all Marvel IP transactions.

Nexon's ambition to become a comprehensive entertainment company is also evident in its domestic investments. Recently, Nexon decided to invest 15 billion KRW in YN Culture & Space (YNC&S). YNC&S is a joint venture established in 2020 by YG Entertainment and Naver to build a video studio capable of producing content using augmented reality (AR) and virtual reality (VR). YNC&S is currently operating a video production studio business within Rhythm City.

An industry insider commented, "This AGBO investment appears to reflect the 'investment DNA' of the talent Nexon has recruited. Since these individuals have achieved significant success in the global entertainment industry, the transformation from a game company to a global entertainment company is expected to accelerate."

This content was produced with the assistance of AI translation services.