Webtoon Entertainment Inc. (Nasdaq: WBTN) has agreed to acquire a 60% majority stake in RI Games Holdings Inc. for approximately $100 million in cash, the company announced, giving it a dedicated pipeline to develop games based on its webcomic properties.

RI Games Holdings operates two game development studios, GrayGames and Offbeat, and was founded in 2022 by Kevin Tail Han, who also founded Redice Studio, the webcomic studio behind titles including Solo Leveling and Omniscient Reader.

The acquisition will be completed in two installments, each subject to closing conditions. The agreement includes performance-based provisions for the remaining 40% stake, under which the selling shareholder may sell that stake to Webtoon on pre-agreed terms if certain milestones are met, payable in a combination of cash and Webtoon common stock. If those milestones are not met, Webtoon retains the right to sell back a portion of its stake to the selling shareholder.

Webtoon and RI Games Holdings plan to develop and launch multiple games over the next four years based on existing webcomic IP. The planned slate includes games based on Overgeared (1.3 billion global views), Doom Breaker (590 million global views), and Omniscient Reader (3.05 billion global views). An action MMORPG based on Overgeared, developed by GrayGames and published by Nexon, is scheduled for global launch later this year alongside an anime adaptation premiering in October 2026.

"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," said Junkoo Kim, Founder and CEO of Webtoon Entertainment.

Webtoon separately issued its second quarter 2026 financial results and scheduled a conference call for 5:30 p.m. ET the same day.