Last week it was announced that Nexon sold a Japanese subsidiary for 1 Yen. For a bit of backstory, in 2012 Nexon purchased a Japanese studio by the name of gloops that was supposed to “accelerate Nexon’s mobile strategy.” It was an all-cash deal worth 36.5 billion Yen. Unfortunately for gloops and Nexon the company then went on to post losses for several years, making them a financial burden to their parent company. That is why last week Nexon sold gloops to GRDrive for 1 Yen.
For those keeping track at home that is $0.009 or €0.008. This is comparable to what it costs the company to print a single page of paper. Meaning that the paper this deal is printed on cost more than the deal itself.
Gloops’ latest mobile game, ArkResona will be shut down on January 31st. This calls into question what exactly GRDrive intends to do with gloops. Whatever it is, we are unlikely to hear about it as so far they have been primarily focused on a Japanese audience.
It should also be noted that Nexon is listed on the Tokyo Stock Exchange and there is the potential for this to have an impact on their financials at the end of the quarter or even sooner. While it may be the best thing for Nexon right now, it can’t be easy to see a company go from 36.5 billion Yen to 1 in just 7 years.