Disney to acquire 2% stake in Webtoon

Alongside the planned commercial collaboration, Disney (DIS) and WEBTOON Entertainment (WBTN) also entered into a non-binding term sheet for Disney to acquire a 2% equity interest in WEBTOON Entertainment. The proposed equity investment and the commercial collaboration are subject to the parties entering into definitive agreements on mutually agreeable terms and customary closing conditions. WEBTOON Entertainment and Disney previously announced a multi-year collaboration featuring nearly 100 reformatted classics and all-new original series tailored for WEBTOON’s vertical-scroll format. “By uniting our unparalleled collection of comics across Marvel, Star Wars, Disney, Pixar and 20th Century Studios into a single digital platform, we’re giving fans unprecedented access to the adventures they love – all in one place, through our expanded relationship with WEBTOON, the global leader in digital comics, we’re opening doors to new audiences and deepening fan engagement,” said Josh D’Amaro, Chairman, Disney Experiences. Shares of Webtoon are up 39% in premarket trading.