CLEVELAND, Ohio – AGBO, the entertainment company founded by Cleveland natives Joe and Anthony Russo, is now valued at $ 1.1 billion after receiving a $ 400 million investment from a video game maker based in Tokyo.
The Wall Street Journal first reported the case.
The investment makes Nexon AGBO the largest individual shareholder of Nexon AGBO with a 38 percent stake. The company also has the option for Nexon to invest an additional $ 100 million in the first half of 2022. The deal is designed to help the game developer, whose main properties include “Dungeon & Fighter”, “MapleStory” and “KartRide” – to gain a foothold in the global film and television industry while allowing AGBO to extend its reach to games and virtual world experiences.
“AGBO is driven by creatives who aspire to work on a universe scale,” Anthony and Joe Russo said in a press release. “AGBO’s partnership with Nexon represents a milestone for entertainment, fostering the convergence of film and gaming franchise with global reach. Our collaboration is based on our shared vision for the future of storytelling and utilizes the unique talents of both companies. “
Nexon President and CEO Owen Mahoney added, “The ability to build and maintain successful entertainment franchises in multiple markets for decades is deeply rooted in Nexon’s DNA. “
The Russo Brothers, whose directing credits include “Avengers: Endgame,” the # 2 highest-grossing movie of all time, have a number of projects underway, including directing the upcoming films “The Gray Man” and “The Electric State,” as well as producing “Extraction 2” for Netflix and “Citadel,” a series streaming on Amazon Prime. The duo are also developing a live-action version of Disney’s “Hercules”.