Nexon – Japan subsidiary sold for 1 Japanese Yen after years of losses

Back in 2012, Nexon bought over a Japanese studio called gloops to “accelerate Nexon’s mobile strategy.” The deal was all-cash with a massive outlay of 36.5 BILLION Japanese Yen! Fast forward to last week, it was revealed that Nexon has sold gloops to a company called GRDRIVE for 1 Japanese Yen (USD 0.009). Yes, ONE Japanese Yen. You see, gloops have been making losses for years and has become a financial burden for the corporation.

Interestingly, Nexon is listed on the Tokyo Stock Exchange (not Korea), so I am curious to see how this move will affect Nexon’s financials come April 2020 when the financial year closes. gloops’ latest mobile game release, ArkResona, will shut down on 31 Jan 2020.