This was the best day for shares of Webtoon Entertainment since they went public last year.
As per the deal, 100 reformatted comics from Disney brands will be published in a dedicated section on Webtoon’s English-language app. Both parties will also produce original comics together.
Webtoon also released results for the recently concluded quarter that beat analyst expectations, which further fuelled gains in the stock.
“Together, we’re bringing this legendary storytelling to a new generation of mobile-native comic fans, while giving existing fans a new way to experience series and characters they love,” said Yongsoo Kim, chief strategy officer and head of global Webtoon.
Webtoon is a platform that allows creators to make and discover digital comics. It also counts South Korea’s HYBE and DC Comics owned by Warner Bros Discovery Inc., as its content partners.
Our key question is whether that Disney audience will stay in Webtoon to consume and create platform-native content, or will they only consume the branded content they know?” Matthew Cost of Morgan Stanley said.
Webtoon shares eventually ended 81% higher at $16.96, which is still below the $21 IPO price for the stock.
(With Inputs From Agencies.)
