Russo Bros.’ AGBO Sells 38% Stake To Video Game Firm Nexon For $400M In Embrace Of Virtual Worlds
deadline.comAGBO, the production entity founded in 2017 by filmmakers Joe and Anthony Russo along with Mike Larocca, has sold a large minority stake to video game maker Nexon for $400 million.Nexon, an Asia-based company whose nascent LA-based film and TV division is run by Disney alum Nick van Dyk, has also committed to invest another $100 million in the first half of 2022 if asked by AGBO.
The transaction gives Nexon a 38% position, making it the largest shareholder in AGBO, which is now valued at $1.1 billion. Nexon will also gain two board seats, for van Dyk and Tim Connors, a former Marvel exec who arrived at the gaming company last month in a senior studio role.The Russos are responsible for several of the highest-grossing movies ever released, an elite roster topped by Avengers: Endgame in 2019.
The Ohio-born duo have explored a wide range of stories as producers, writers and directors since reaching the pinnacle of studio blockbuster-dom.
They set up AGBO, teaming up with several of their Marvel collaborators, as a home for a more diverse range of work. Their projects have taken root outside the studio system, with action movie Extraction at Netflix and Iraq War drama Cherry for Apple TV+.
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