Naver Webtoon acquires 36.08% of Munpia for KRW 108.2bn
- Deal value
- $75m
- Stake
- 36.08%
- Implied 100%
- $207m
- Revenue
- $29m
- Op. income
- $5m
- Multiples
- EQV/EBIT 41.1xPSR 7.2x
Deal value ÷ stake (structure unconfirmed)
2020 연결 · DART-verified
2020 연결 · DART-verified
On implied equity value
DART 20210406001555
- Target
- Munpia · Web novel platform
- Buyer
- Naver Webtoon · SI
- Seller
- —
- Structure
- —
- Announced
- Sep 10, 2021
- Closed
- —
- Stage
- Closed
Target
Munpia, incorporated in December 2012, is a web-novel platform focused on fantasy and martial-arts genres, reported to have published about 70,000 works over ten years and known as a gateway for writers and a source of story IP.
Deal rationale
Naver disclosed the purpose as a 'business alliance' and said it was negotiating further share purchases. Byline Network analyzed the move as securing the martial-arts genre and a pool of established and new writers lacking at Naver Web Novel. Naver's December 2022 release said Munpia forms one pillar of Naver Webtoon's global IP value chain and that Naver Webtoon acquired 56.26% in two September 2021 transactions, consolidating it as a subsidiary.
| Revenue | $29m |
| Operating income | $5m |
| EBITDA | — |
| Net income | — |
2020 연결 · DART-verified · 20210406001555
Press coverage
- 바이라인네트워크 (2021-09-13): “네이버웹툰이 웹소설 업체 문피아의 지분 36.08%를 1082억원에 인수했다고 밝혔습니다”
- 아이뉴스24 (2022-01-18): “지난해 9월 네이버웹툰은 문피아의 지분을 두 차례에 걸쳐 취득하며 최대주주 자리에 올라섰다”
- 네이버 보도자료 (2022-12-28): “네이버웹툰은 2021년 9월 지분 인수 당시 문피아의 지분 56.26%를 취득하면서 자회사로 편입시켰다.”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.