[EXCLUSIVE] Nexon ups stake in Russo brothers’ AGBO to 49.2% H1

Nexon CEO Jeongheon Lee

South Korean game major Nexon Co. has bought additional shares in AGBO, the entertainment company founded and run by “Avengers: Endgame” filmmakers Anthony Russo and Joe Russo to become nearly joint partners for game-to-film enterprise.

Maeil Business Newspaper on Sunday confirmed Nexon through its U.S.-based film and television division has completed $100 million investment to purchase 11.21 percent stake in the first half of this year in addition to the 38 percent it bought at $400 million in January to own a combined 49.21 percent. During the first equity investment, AGBO was valued at $1.1 billion.

Nexon had then said it could buy additional shares at $100 million upon request.

The Tokyo-listed creator of “Dungeon Fighter” and “MapleStory” franchises has become the single largest shareholder in AGBO to command access to the intellectual properties of the Russo brothers famous for their work in the Marvel Cinematic University. Their credits include “Captain America: The Winter Soldier,” “Capital America: Civil War” and “Avengers: Infinity War” as well as “The Gravy Man” and “Extraction 2” for Netflix. After Endgame that grossed over $2.8 billion worldwide, the duo has become the most successful directors of all time behind Steven Spielberg.

Through the joint-venture-like partnership Nexon Film and Television and AGBO plan to deepen transmedia collaboration. The two are discussing to bring Nexon game contents onto big screen or for TV series to target broader global audience.