Photo Courtesy: Kakao Entertainment
Toomics Global, a subsidiary of Suseong Webtoon, has acquired a 96.14% stake in webtoon studio Terrapin for approximately 29 billion KRW, according to a company announcement on the 19th. The acquisition process is expected to be finalized by January next year.
Terrapin, known for popular webtoon titles such as ‘I Became the Madman of the Count’s Family,’ ‘Bride of Plunder,’ and ‘Raised by Villains,’ has focused on streamlining its portfolio and restructuring for profitability. The studio recently reached its break-even point (BEP). This strategic acquisition aims to bolster Toomics' platform and strengthen its global webtoon ecosystem.
Additionally, Terrapin holds a 21.05% stake in Top Media, the operator of the renowned webtoon platform ‘TopToon,’ making it the second-largest shareholder. This move is expected to enhance cooperation between the content creation and distribution sectors.
Suseong Webtoon has been actively expanding its international presence. In October, the company signed a major content supply deal with Amazon Japan. Its global user base has surpassed 60 million members, while page views in the English-speaking market exceeded 100 million.
A representative from Suseong Webtoon stated, “The acquisition will create strong synergy between the platform and the production studio, driving business growth.” They also projected, “Suseong Webtoon’s annual revenue is expected to triple next year, surpassing 130 billion KRW, with operating profits reaching between 15 and 20 billion KRW.”