Joint Development of Digital Platform Featuring 35,000 Titles
Free for Disney+ Subscribers, Webtoon Entertainment Stock Soars 55%
Webtoon Entertainment and The Walt Disney Company are collaborating to develop a new digital comics platform.
Webtoon Entertainment, the U.S. headquarters of Naver Webtoon, announced on the 15th (local time) that it has signed a non-binding term sheet with Disney to develop a new digital comics platform.
This platform will offer approximately 35,000 digital comics featuring popular characters and stories from Marvel, Star Wars, Disney, Pixar, and 20th Century Studios. Original webtoons produced by Naver Webtoon in North America will also be available. Some works will be offered in a vertical scroll webtoon format, while others will be digital versions of traditional comic books.
Webtoon Entertainment will be responsible for developing and operating the platform. Disney+ subscribers will be able to access it at no additional cost, and there are plans for a global rollout. To facilitate this collaboration, Disney has agreed to acquire a 2% stake in Webtoon Entertainment. Following this news, Webtoon Entertainment's stock price surged by 55%.
Kim Junkoo, CEO of Webtoon Entertainment, said, "It is a great honor to shape the future of digital comics alongside Disney, which has the world's greatest storytelling legacy. This collaboration is an important step in the growth of our global business and will serve as a foundation for even greater cooperation with Disney in the future."
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