Webtoon (WBTN) Hits New All-Time High as Disney to Acquire 2% Interest

We recently published 10 Hot Stocks Investors Are Buying, 5 Break Fresh Records. WEBTOON Entertainment Inc. (NASDAQ:WBTN) is one of the best performers on Tuesday.

Shares of Webtoon Entertainment soared for a third consecutive day on Tuesday, to hit a new all-time high as investors cheered The Walt Disney Co.’s acquisition of a 2-percent stake in the company.

At intra-day trading, WEBTOON Entertainment Inc. (NASDAQ:WBTN) surged to its highest 52-week price of $21.32 before paring gains to end the day just up by 39.04 percent at $20.80 apiece.

In a statement on Monday, WEBTOON Entertainment Inc. (NASDAQ:WBTN) said it entered into a non-binding term sheet with Disney for a 2-percent interest in the former, in line with the development of an all-new digital comics platform that will feature current comic book runs and include decades of past comics from across Disney’s portfolio including Marvel, Star Wars, and 20th Century Studios, among others.

For the first time, more than 35,000 comics from Marvel, Star Wars, Disney, Pixar, and 20th Century Studios will be available in a single digital comics service with a single subscription.

The expanded agreement followed WEBTOON Entertainment Inc. (NASDAQ:WBTN) and Disney’s multi-year collaboration for nearly 100 reformatted classics and all-new original series tailored for the former’s vertical scroll format.

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Disclosure: None. This article is originally published at Insider Monkey.