Webtoon strikes deal to show Disney-owned comics on its app; shares climb

Shares of online comic book platform Webtoon (NASDAQ:WBTN) are extending their rally from Tuesday’s postmarket session into premarket Wednesday after the company announced that it has tied up with the media and entertainment giant Disney (NYSE:DIS).

WBTN shares are currently trading up 31% at $12.26 before the bell.

As part of the tie-up, comics under Disney’s IP will be available to view on Webtoon’s mobile app, which offers a vertical-scroll format.

At launch, comics like Amazing Spider-Man (2022-present); Avengers (2012); Star Wars (2015); Alien (2021); and Disney As Old As Time: A Twisted Tale will be available to users.

The companies said through this partnership, they aim to bring around 100 blockbuster comics owned by Disney to Webtoon’s new dedicated section of the English-language app.

“Our collaboration with Webtoon will allow us to expand our beloved franchise universes on a best-in-class digital platform. We look forward to engaging with their dedicated, global user base while welcoming future fans to experience a redefined form of Disney storytelling that will have a lasting impact in the digital comics space,” said Daniel Fink, SVP, Head of Digital Innovation, Disney Consumer Products.

Financial terms of the multi-year collaboration were not disclosed.