Shares of Webtoon Entertainment (WBTN), the parent company of Naver Webtoon, surged in after-hours trading on the 15th (local time). Investor sentiment appeared to be buoyed by news that Disney would acquire equity and develop a new collaborative platform.
Webtoon Entertainment stock traded at $24.76 at 5:50 p.m. that day (6:50 a.m. on the 16th Korea time). It rose 73.88% ($10.52) from the previous day. The share price spiked to as high as $29, setting a new record since its Nasdaq listing.
It came a month after Webtoon Entertainment said it had formed a global content partnership with the Walt Disney Company, sending the stock soaring.
Disney said it plans to acquire a 2% equity stake in Webtoon Entertainment. However, the two sides have not yet reached a final agreement.
They also agreed to launch development of a new platform. Existing comic series will be adapted and distributed in a webtoon format.