RI Games, founded in 2022 by Kevin Tail Han, operates GrayGames and Offbeat, the two studios that will handle the development of new titles. The acquisition will close in two installments, and the agreement carries performance-based terms for the remaining 40 percent. Han can sell his remaining shares to Webtoon in cash and stock if certain milestones are met, while Webtoon can sell back part of its stake if not. That approach limited how much of the upside flowed back to the company when its titles broke through globally, executives said. Alongside the RI Games deal, the company said it formed a $100 million fund with parent Naver in July to invest directly in adaptations of its titles.