[News Inside Companies] AGBO Chosen by Nexon

Global Entertainment Producer Behind Marvel Avengers Series
Nexon, Dreaming of Becoming the 'Korean Disney,' Secures 49.21% Stake
Expectations for Nexon's IPs to Be Adapted into Dramas and Films

[Asia Economy Reporter Kang Nahum] Will the late founder Kim Jung-joo's dream of making Nexon the "Korean version of Disney" come true? Nexon has become the largest shareholder of the U.S. AGBO studio, established by the world-renowned film directors, the Russo brothers, and producer Mike Larocca. Nexon's Japan subsidiary recently completed a strategic investment of $100 million (approximately 134.3 billion KRW) to acquire shares in AGBO. After investing $400 million earlier this year to purchase a 38% stake, they made an additional investment to secure a final 49.21% ownership.

Creators of the Cinematic Universe

AGBO is a global entertainment production company established to create various digital media content, including films. The writing team includes the Russo brothers, who directed numerous Marvel films, as well as screenwriters Christopher Markus and Stephen McFeely.

AGBO is especially recognized for its capability to produce immersive cinematic universes. Under the direction of the Russo brothers, films like "Avengers: Infinity War" and "Avengers: Endgame" are considered among the highest-grossing movies in history.

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.

[Image source=Yonhap News]

Kim Jung-joo’s Dream of a ‘Korean Version of Disney’ Realized

In the gaming industry, Nexon's move is seen as a turning point transforming the company from a game developer into a global content powerhouse. Nexon currently owns major game IPs such as Dungeon & Fighter, The Kingdom of the Winds, MapleStory, and KartRider. Combining AGBO’s film production capabilities is expected to create significant synergy.

The Russo brothers also expressed, "The partnership between Nexon and AGBO is a crucial milestone in expanding the fusion of franchise films and games into a global sphere of influence. Through this collaboration, employees from both companies will share a vision for the future of storytelling and demonstrate exceptional capabilities."

Nexon’s acquisition of AGBO aligns with founder Kim’s lifetime management goal of turning Nexon into a global content company like Disney. Owen Mahoney, CEO of Nexon Japan, stated in a shareholder letter last March, "To fulfill founder Kim Jung-joo’s dream, we will make Nexon the world’s leading entertainment company."

The recruitment of Daike, a former Disney CSO, in July last year marked the beginning of this goal’s realization. During his tenure at Disney, Daike was instrumental in acquiring Pixar, Marvel, and Lucasfilm. Since joining Nexon, he has overseen the Nexon Film & Television division, working to expand the influence of Nexon’s IP. The recent acquisition of AGBO studio is also reported to have been led by Daike.

In the same vein, last December, Nexon hired Connors, a senior vice president with experience at Activision Blizzard and Marvel Studios. After Disney acquired Marvel Studios, he served as COO, overseeing all IP transactions related to Marvel.