Russo brothers’ AGBO sells minority stake to gaming giant Nexon for $400m

Anthony (left) and Joe Russo

US film and TV company AGBO has sold a minority stake to LA- and Tokyo-based gaming giant Nexon for around US$400m.

The deal values AGBO at around US$1.1bn. In addition, if requested by AGBO, Nexon has agreed to invest up to an additional US$100m in the first half of 2022.

With the minority investment, Nexon will own at least 38% of AGBO, which is led by filmmaker brothers Anthony and Joe Russo and producer Mike Larocca.

In a joint announcement, the companies said the agreement is intended to “accelerate the global expansion of Nexon’s existing and new franchise IP in film and television and to further support AGBO’s development, production and ownership of tentpole-led entertainment universes appealing to worldwide audiences, including via games and virtual world experiences.”

AGBO’s credits include Netflix feature film Extraction, which is among the most watched movie titles in the streamer’s history. Its upcoming slate includes the Extraction sequel, which will once again star Chris Hemsworth; drama series Citadel for Amazon Prime; and an adaptation of the graphic novel The Electric State, which is being turned into a movie and a TV series for NBCUniversal.

Before launching AGBO in 2017, the Russo brothers and writing partners Christopher Markus and Stephen McFeely penned and directed four Marvel films, which grossed more than US$7bn at the global box office, according to AGBO.

Meanwhile, Nexon is behind popular gaming franchises such as Dungeon Fighter, MapleStory and KartRider.

In a joint statement, the Russo brothers said: “AGBO’s partnership with Nexon represents a significant juncture for entertainment, furthering the convergence of franchise filmmaking and games with a global reach. Our collaboration is based on our shared vision of the future of storytelling and utilises the unique talents of both companies.”