Nexon’s founder is selling off his controlling interest – for $9 billion

    
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This is very rewarding.

So, anybody got a spare $9B to buy up the biggest gaming company in South Korea?

Reuters reported last night that Nexon founder Kim Jung-ju is aiming to sell “a total of 98.64 percent stake in NXC Corp held by himself and related parties including his wife.”

Your $9B is probably tied up in other ventures right now, but according to the report, Kakao, Netmarble, Tencent, and Electronic Arts are all on the short list of potential buyers.

It’s not super clear why Kim wants out. Kotaku cites a Hankyung source that says Kim was “worn down by increased regulations and a prolonged legal battle over alleged corruption” during which he was cleared of the allegations. The publication also pointed toward Kim quotes that suggest he’s turning to charity. Nexon itself disputed the Hankyung claim, though.

“The reports about CEO Kim Jung-ju looking to sell his shares because of increasing regulations and mentioning about being tired from regulations is different from the truth,” the company told Gamemeca (via Kotaku). “We are in the process of verifying the sales and it’s taking a bit of time because of issues with our official announcement. Regardless of that fact, we are trying to make an announcement about this as soon as possible but it may be in the days that follow.”

Source: Reuters, Kotaku, Gamemeca. Thanks, Mel and Pandalulz!
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Nathan Aldana

Translation: “when governments actually bother to protect consumers from exploitative lootbox and cash shop practices, rich people move on to look for the next way to fleece poor people out of their dollars”

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Daniel Miller

Microsoft should buy it. Gamepass games for xbox and pc. Also they can sell xbox worldwide sll over Asia now, vs just the US. And they can make mobile games off ips.

Also Gamivo that bought Trion could buy it for assets and graveyard games.

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McGuffn

Let me check between the couch cushions. And the swear jar. My bet is for someone like Tim Hortons or Jimmy Dean or the Toronto Maple Leafs to buy them up for some transmedia product synergy.

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Hikari Kenzaki

Maybe because he’s a 50-year-old billionaire and would like to retire?

If Disney didn’t seem so dead set against owning their own video game company, I’d make a joke about Disney Nexon.

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Utakata

From the article…

“The reports about CEO Kim Jung-ju looking to sell his shares because of increasing regulations and mentioning about being tired from regulations is different from the truth..”

The reason seems more Randian than just retiring though. That is, he doesn’t like the increasing government interference with his industry. /sigh

MurderHobo
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MurderHobo

My mangled-metaphor take: His golden goose has become an albatross, and Mr. Kim thinks the cakewalk music has paused. The wolf is howling at the door and he’s quickly selling his shares in the straw house biz.

In other news, tech stocks continue their nosedive, dragging the gaming market along on a Nantucket sleigh ride. That market is bigger than movies and music (and soon books) combined, though. I don’t know that it can be dragged down.

camren_rooke
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camren_rooke

All my billions are tied up in the pog market.

I know they are gonna make a comeback!

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McGuffn

Do you remember Firefly? It’s back. In pog form.

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Paragon Lost

““worn down by increased regulations and a prolonged legal battle over alleged corruption”

He’d deny that as the reason because to say otherwise might hurt his chances of receiving the amount that’s rumored to be what he’s asking for. So I don’t blame him for saying that’s not the reasons for selling.

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Indigo Salma

I read his name as Kim Jong Un ….

Alyn
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Alyn

Is it worth it?

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Zora

That’s substantially larger a sum than what ATVI shelled out to buy Kings a few years back, which already offered pretty huge an installed base on all those hundred of millions of mobile devices… just wow

I wonder if a single player can sweep the house clean or shares will end up split among competing giants…

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Venomlicious

These cash shop p2w game companies are falling out of power so its time to cut ties and run. This is always a good thing to see and Nexon was as scummy as you get