Shanda (SNDA) announced that it recently entered into a licensing agreement with South Korea's Gravity (GRVY) for an exclusive license to operate Ragnarok Online, a cartoon-style MMORPG.

Shanda will replace the existing publisher of Ragnarok Online in mainland China following expiration of its license agreement with Gravity.

Ragnarok Online is Gravity's principal online game in its games portfolio and has been commercialized in 20 markets. Its compelling storyline is based on Norse mythology and includes hand-drawn, anime-rendered characters set onto realistic 3D backgrounds. The graphic designs of the environments in the game have been inspired by mythological and historical traditions from various cultures around the world.

David Woong-Jin Yoon, CEO of Gravity, announced, "We are excited to partner with Shanda. Through our partnership with Shanda, a leading interactive entertainment media company in China, we believe we can strengthen our presence in China, which is believed to be one of the fastest growing online game markets."