HYBE's gaming subsidiary to receive $80 million in investment, aims to diversify portfolio

Tech

HYBE's gaming subsidiary to receive $80 million in investment, aims to diversify portfolio

Published: 06 Aug. 2024, 17:37 Updated: 06 Aug. 2024, 20:43

YOON SO-YEON
yoon.soyeon@joongang.co.kr

HYBE IM logo [HYBE IM]

HYBE's gaming subsidiary HYBE IM raised $80 million in investment from HYBE, Makers Fund and IMM Investment, the publisher said Tuesday.

HYBE IM issued 76,924 new shares for 1.4 million won, or $1,040, each, of which 12,228 shares will go to HYBE, 57,692 to Makers Fund and 7,004 to IMM Investment, according to an electronic disclosure from the game publisher on Tuesday.

HYBE, the current majority shareholder of HYBE IM, will own 71 percent of HYBE IM with the additional investment. The first payment of 61.8 billion won will be made by Sept. 6 and the rest of the 48 billion won will be paid by Oct. 31, according to HYBE IM.

"Through the investment, HYBE IM will strengthen its competitiveness in the global gaming market and become a holistic gaming company by diversifying our portfolio in both publishing and developing games," the game company said in a press release.

HYBE IM was established by HYBE in March 2022 to develop and publish mobile games. The company has since rolled out popular games using HYBE artists' intellectual property, especially BTS, including Rhythm Hive and BTS Island: In the SEOM.

HYBE IM has been seeking to expand its businesses to publishing games that have been developed by other companies. It signed a publishing deal for Oz Re:write by Macovill and Knight of Veda by Flint.

BY YOON SO-YEON [yoon.soyeon@joongang.co.kr]