Loeb & Loeb is pleased to have represented Nexon, a global leader in virtual world games, in its $400 million strategic minority investment in AGBO, an artist-led independent entertainment company founded by record-breaking directors Anthony and Joe Russo and producer Mike Larocca.
According to a company press release, the agreement is intended to accelerate the global expansion of Nexon’s existing and new franchise intellectual property in film and television and to further support AGBO’s development, production and ownership of tent pole-led entertainment universes appealing to worldwide audiences, including via games and virtual world experiences.
The minority investment will result in Nexon owning at least 38% of AGBO, becoming the largest individual shareholder in the company, behind AGBO’s management in aggregate. If requested by AGBO, Nexon has committed to invest up to an additional $100 million in the first half of 2022.
The Loeb & Loeb deal team that advised on the transaction was led by Entertainment partner Scott Edel, Corporate partners Ann Chen and Jessica Isokawa, Employment partner Sarina Saluja and Tax partner Shahrooz Shahnavaz. In addition, senior counsel Brandon Cherry and associates David Manella, Daryl Steiger, Camila Piedrahita Abello, Simoné Hovsepian and Avi Gholian were instrumental in the transaction.
More information can be obtained from this Deadline news announcement.