Enhancing its ability to roll out games based on hit webcomics, WEBTOON Entertainment has made a strategic investment in South Korea’s RI Games, taking a 60% stake for $100 million.
WEBTOON and RI Games will develop and launch multiple games based on hit IP with global fan bases over the next four years, utilizing RI’s GrayGames and Offbeat studios. These will include video games based on Overgeared (1.3 billion global views), Doom Breaker (590 million), and Omniscient Reader (ORV, 3.05 billion). All feature as part of broader franchise plans that also include anime adaptations. Overgeared, developed by GrayGames and published by NEXON, will land alongside an anime adaptation in October 2026.
“WEBTOON is where global fandoms begin, and with this investment we’re taking a more direct role in growing stories into global franchises,” said Junkoo Kim, founder and CEO of WEBTOON Entertainment. “Games are one of the most immersive forms of fandom, and building them from stories fans already love is a powerful way to reach new audiences everywhere. This strengthens our track record of turning original stories into global franchises across animation, television, film, publishing, and now games.”
Kevin Tail Han, who founded RI Games and also set up Redice Studio, a webcomic studio, added, “Driven by our deep understanding of and passion for WEBTOON IP, we aim to create games that deliver immersive interactive experiences, bringing fans together while extending the reach and experience of each IP.”
The acquisition will occur in two installments, the first at an initial closing shortly following signing, and the second at a subsequent closing. If certain milestones are met, RI Games’ selling shareholder will have the right to sell their remaining 40% stake to WEBTOON on pre-agreed terms, payable in a combination of cash and shares of WEBTOON common stock. If those milestones are not met, WEBTOON will have the right to sell back a portion of its stake to the selling shareholder.
