Webtoon Entertainment Inc (Nasdaq: WBTN) shares surged 29% to about $19 in late-morning trading on Tuesday as the two companies announced that Walt Disney Co (NYSE:DIS, ETR:WDP) intends to acquire a 2% equity stake in the online comics company as well as jointly develop an all-new digital comics platform.
The new subscription-based platform is expected to host Disney’s extensive collection of titles from properties such as Marvel, Star Wars, Pixar, Disney and 20th Century Studios.
“With a new platform that will combine our product and technical expertise with Disney’s full comic catalog, we’re giving new and longtime fans all over the world a new way to discover these legendary characters and stories,” Webtoon Entertainment CEO Junkoo Kim said in a statement.
“This is a powerful next step for our growing global business, and a strong foundation for even greater collaboration with Disney in the years ahead.”
In total, more than 35,000 comics are expected to be available.
Last month, Disney and Webtoon announced plans to release nearly 100 classic comics and new online series on Webtoon’s existing platform.
Webtoon is controlled by South Korean internet giant Naver.