The comic platform Webtoon will acquire a stake in RI Games for $100 million
A new major deal has emerged in the gaming market. The web comics platform Webtoon has agreed to acquire a controlling stake in the South Korean holding company RI Games.
Under the terms of the deal, Webtoon will obtain 60% of RI Games' shares. The platform will pay for them in two stages—immediately after signing the agreement and later.
Webtoon has described the purchase as a strategic investment. They explained that they will now closely collaborate with RI Games as well as its two subsidiary studios, GrayGames and Offbeat. It is expected that over the next four years, they will develop several games based on web comics, including adaptations of Overgeared, Doom Breaker, and Omniscient Reader.
“Games are one of the most immersive forms of fandom. Creating games based on stories that fans already love is an effective way to attract a new audience. With this deal, we will strengthen our position in turning original stories into global franchises through animation, television, film, publishing, and now also games,” commented Webtoon CEO Junkoo Kim on the acquisition of the stake.
Interestingly, in the future, Webtoon may potentially acquire RI Games in full. The parties have agreed that if the holding company reaches certain specified targets, it will have the option to require Webtoon to purchase the remaining 40% of the shares. However, if those targets are not achieved, Webtoon will have the right to sell part of its stake back.