Webtoon Shares Soar on Disney Investment, Web Comic Venture

Walt Disney Co. is bringing all of its marquee comics to a new digital platform and app in partnership with Webtoon Entertainment Inc., sending shares of the upstart company soaring.

Disney announced on Monday it plans to acquire a 2% equity interest in Los Angeles-based Webtoon, part of a deepening partnership between the two that will build an ambitious new service to house all of Disney’s key assets in the genre. Stock in Webtoon rose as much as 90% to $28.48 in extended trading.