In January, Tapas Media saw Big Gains in the Digital Comics Market according to Rob Salkowitz from Publisher’s Weekly. Now it’s a whole new story as the Kakao Company has bought two-story platforms, Tapas Media and Radish Media, which from this day forward both will be just known as “Tapas and Radish”.
These two acquisitions lead Kakao Entertainment to expand its original content business in North America and other English-speaking regions. According to PR Newswire and Kakao Entertainment Corp, the company already secured a dominant market share in Japan through its affiliate comic platform Piccoma, a Japanese Manga Subscription Service that offered original Japanese, Chinese, and Korean web cartoons. Kakao Entertainment has invested in the two deals to strengthen its fast-growing global webtoons and web novel business. Tapas is a pioneer of mobile storytelling platforms in the U.S., with solid leadership in webtoons. With this transaction valued at an estimated USD 510 million, Kakao Entertainment obtains a 100% stake in Tapas. Radish is a top-ranked mobile fiction platform and app launched in 2016. With solid backing from Radish’s Board of Directors, Kakao Entertainment is set to extend an official tender offer within May. The concluded transaction will value Radish at an estimated USD 440 million.
For more on this story, PR Newswire has the exclusive details, along with interviews with Jinsoo Lee, CEO of Kakao Entertainment, Tapas Media CEO and Founder Chang Kim, and finally, Seungyoon Lee, Radish Founder and CEO.
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