Asian games firm Nexon has invested $400 million in AGBO, the production company set up by Avengers Endgame directors Joe and Anthony Russo.

The deal values AGBO at around $1.1 billion, with the company having the option to request additional funding up to $100 million in the first half of 2022. AGBO has said that the investment will allow it to "aggressively pursue" development of games around its own intellectual property.

"AGBO is driven by creatives who aspire to work at the universe scale," the Russo brothers said.

"AGBO's partnership with Nexon represents a significant juncture for entertainment, furthering the convergence of franchise filmmaking and games with a global reach. Our collaboration is based on our shared vision of the future of storytelling and utilizes the unique talents of both companies."

AGBO co-founder Mike Larocca added: "We have IP here at AGBO that I know Nick and the team at Nexon are excited about and I can say wholeheartedly they have IP that we’re excited about and we’re really excited to dig in."

AGBO was founded back in 2017.