Toomics Webtoon Platform Acquired for $160 Million by U.S.-Korean Terapin Studios (EXCLUSIVE)

variety.com:

Patrick Frater Asia Bureau ChiefTerapin Studios, a U.S.-Korean media investor backed by NPX Capital, has paid $160 million to acquire Toomics Global, one of South Korea’s fastest rising platforms for webtoons.Webtoons, vertically-scrolling comic strips designed to be viewed on smartphones, emerged in South Korea about 15 years ago and have become a major cultural phenomenon across Japan, Korea and much of Southeast Asia.Webtoons have also been the form of IP underlying many Korean film and TV hits, including Netflix’s “All of Us Are Dead” and “Itaewon Class,” Disney+’s “Moving” and “Dr Brain” for Apple TV+.Netflix is also on course to produce a series, “Black Knight,” based on Toomics’ original webtoon IP “Delivery Knight.” The sci-fi miniseries, starring A-list actor Kim Woo Bin (“Alienoid”), is expected to premiere this year.

The Terapin-Toomics deal follows a February 2022 acquisition that saw Terapin buy Copin Communications, a Korean webtoon producer.The two deals together are expected to give Terapin the capacity to take its stable of cartoon creators further into international markets and the ability to negotiate deals for its IP in multiple related or ancillary markets, from animated film and TV, to books, games, merchandize and NFTs.“A [third party] Korean production company is working with Netflix on ‘Black Knight’,” Samuel Hwang, founder and CEO of NPX Capital, told Variety. “In future productions, we would expect Toomics to be a partner.” Hwang says that the company has also been approached by Hollywood studios and overseas games firms.Toomics was founded in 2015 and now has some 22 million monthly active users and over 60 million subscribers.