Korea's NPX confirms $160m media platform acquisition

It follows the acquisition of Copin Communications, a specialist in character design, emojis, and webtoons – the Korean version of Japanese manga comics – for USD 43m in December last year. That investment was a follow-up to a USD 13m commitment three months prior and delivered NPX a 100% position. Copin has since been rebranded as Terapin.

NPX aims to leverage growing global interest in Korean media content, a trend it sees as long-term and not a fad. The main challenge in terms of scaling will be cracking the US. This could be done via a partnership with the likes of Netflix and Disney Plus or by establishing a new delivery channel for the US specialising in Korean content.

The organisation of Terapin as a US-based parent for various Korean studios is part of this vision. NPX has referred to Terapin as a “one source, multi-use” model active across animation, film, games, merchandise, and the metaverse. There are plans for a NASDAQ IPO.

“This acquisition is especially meaningful as more Korean IP [intellectual property], which has a proven track record of international success, can now enjoy the infrastructure, funding and support at a global level under the platform of Terapin Studios,” Terapin COO J.H. Kah said in a statement.

Toomics claims to be among the fastest growing webtoon platforms globally, tracking an average annual growth rate of 42% since 2018. It has doubled its number of subscribers in the past two years to 60m on the strength of titles such as Black Knight (pictured), a science fiction webtoon that has been adapted by Netflix as a live-action mini-series.

“Toomics is a leading player that represents Korea’s growth in digital entertainment. The company is not only a platform that connects with tens of millions of viewers, but also a powerhouse of digital content that leverages its own intellectual property and production capabilities,” NPX CEO Samuel Hwang added.

Hwang established NPX as a family office after selling his Chinese education technology start-up New Pathway Education to CVC Capital Partners for USD 700m in 2016. NPX’s previous investments include Taiwan-based webtoon platform Toptoon and Korea’s Smart Study, an edtech player with a significant animation component in the form of Pinkfong, a children’s character and brand.

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• Topics
• North Asia
• Buyouts
• Media
• South Korea
• NPX Capital
• TMT