The Walt Disney Company (DIS.US) has acquired a 2% stake and partnered together to create the comic platform Webtoon (WBTN.US). After-hours, the stock price surged nearly 90%.

The Walt Disney Company announced on Monday that it has reached a partnership agreement with Webtoon Entertainment to jointly develop a digital platform that will feature classic comic content from The Walt Disney Company. The Walt Disney Company will also acquire a 2% stake in this digital comic platform. Following this news, Webtoon's stock price surged nearly 90% in after-hours trading. Currently, the financial details of this transaction have not been disclosed. The new platform, set to launch soon, will include over 35,000 classic and contemporary comic works from The Walt Disney Company's brands such as Marvel, Star Wars, and 20th Century Studios. Some content will also be adapted for localization on Webtoon's platforms in Korea and Japan. An official statement added, "The new platform will offer both vertical and traditional comic formats, covering archived works, current serials, and original stories." Webtoon will be responsible for the development and operation of the platform, which will also be accessible to existing Marvel Unlimited subscribers. In addition, Disney+ subscribers will be able to access the comic content in the new app for free through the "Disney+ Perks program". This partnership is based on a preliminary agreement announced by both parties in August of this year. According to the earlier agreement, The Walt Disney Company's intellectual property has already been featured on Webtoon's mobile app in vertical reading format.