Webtoon Entertainment secures 60% stake in RI Games Holdings to expand gaming business
Webtoon Entertainment, parent of Naver Webtoon, said it will buy a 60% stake in game developer RI Games Holdings. The deal will fund a 4-year plan to develop and release multiple games using webtoon IPs, including an action MMO based on “Overgeared,” developed by Grey Games and published by Nexon, with a global release planned for this year.
How this was made
The 30-second read
Why it matters
A 60% stake suggests control over game development strategy and IP monetization. The pipeline includes an MMO based on Overgeared, with Grey Games developing and Nexon publishing, targeting a global release this year aligned to an October animation broadcast.
Market read
Traders may view this as a new IP monetization lever for Naver’s webtoon ecosystem, but the lack of deal economics limits immediate valuation impact.
What to watch
Key execution risks include studio performance, publishing terms with Nexon, and whether the October animation schedule meaningfully de-risks game adoption.
Background
Webtoon Entertainment (parent of Naver Webtoon) is taking a controlling position in RI Games Holdings, founded in 2022, to develop multiple games from major webtoon IPs.
Market effects
Highlights a broader trend of webtoon IP owners moving deeper into game publishing and development pipelines.
Could support sentiment around South Korean media and gaming ecosystem names tied to IP adaptation.
If the listed webtoon franchises translate into globally released games, it may reinforce international demand for IP-driven mobile/online titles.
Counterpoint
Without disclosed investment size, economics, or execution track record, the stake could be value-neutral or dilutive if game development costs rise or launches slip.
Key entities
- companyWebtoon Entertainment
Parent of Naver Webtoon, making the strategic investment for a 60% stake in RI Games Holdings.
- companyRI Games Holdings
Game developer with studios Grey Games and Offbeat, planning multiple webtoon-IP game releases over 4 years.
- companyNexon
Named as the publisher for the first Overgeared MMO title.
- companyGrey Games
Studio responsible for developing the first new title based on Overgeared.
