Com2uS (078340.KQ) is selling part of its stake in content business affiliate Com2uS Platform (291230.KQ) to webtoon producer Redice Studio and expanding strategic cooperation in intellectual property and content.
Com2uS said in a regulatory filing on Sept. 30 that it signed a share transfer agreement with Redice Studio covering 1,080,506 shares of Com2uS Platform. The stake Redice Studio is acquiring amounts to about 4.5%, or roughly 2.8 billion won ($2 million).
Redice Studio is a global webtoon studio behind popular titles including "Solo Leveling," "Omniscient Reader's Viewpoint," "Tomb Raider King" and "The Hard-Earned Gear." Building on its capacity to turn source stories into webtoons, the studio has expanded into content distribution and localization.
Its flagship title "Omniscient Reader's Viewpoint" has surpassed 2 billion cumulative global views, while "Solo Leveling" has topped 14.3 billion cumulative global views across its web novel and webtoon versions.
Com2uS Platform plans and produces films, dramas and webtoons and runs online and offline content businesses based on them. It has artificial intelligence, extended reality and virtual reality technology along with production infrastructure, and has produced more than 3,000 online and offline content projects.
The partnership focuses on combining Redice Studio's webtoon IP and production capabilities with Com2uS Platform's content planning and business expertise. The two companies plan to broaden the use of existing IP and find business opportunities through new content development.
A Com2uS official said the company expects to widen the scope of cooperation by linking Redice Studio's strong global IP power with the content business know-how of Com2uS and Com2uS Platform, adding that the companies will identify various strategic collaboration opportunities based on their respective areas of expertise.
