Webtoon Entertainment Acquires RI Games Holdings for $100 Million

Webtoon Entertainment Inc. has entered into a definitive agreement to acquire a 60% majority stake in RI Games Holdings Inc. for approximately $100 million in cash. The strategic investment establishes a dedicated pipeline to transform popular webcomic intellectual property into games, specifically targeting titles such as Omniscient Reader, Doom Breaker, and Overgeared.

RI Games Holdings, founded by Kevin Tail Han, operates through two development studios, GrayGames and Offbeat. The deal includes performance-based provisions that may allow Webtoon to acquire the remaining 40% stake if milestones are met, or allow the selling shareholder to sell a portion of the stake back if they are not.

As part of this expansion, an action MMORPG based on the series Overgeared is scheduled for a global launch later in 2026, coinciding with an anime adaptation premiering in October 2026. While Webtoon will oversee development, it will not act as the publisher; Nexon Co. will publish the Overgeared game. This move is part of a broader corporate strategy to scale original stories into global franchises across animation, television, film, and interactive media.