Tapas Media sold for just over half a billion dollars in cash
South Korean internet giant Kakao has reached a deal to acquire comic book company Web Tapas Media in a $ 510 million (US) all-cash transaction. Kakao acquires Tapas through its media subsidiary, Kakao Entertainment.
âWe are delighted to partner with Kakao Entertainment. For me, it just makes sense, âsaid Chang Kim, founder and CEO of Tapas Media. “Kakao Entertainment is relatively unknown outside of Asia, but it is an entertainment content giant with a huge library of original IPs, which can be presented to the American public through the Tapas platform.”
While Tapas will now develop Kakao’s content, the webcomics company will continue its current strategy with webcomics and prose writing – Kim even claiming it will all be “on a bigger scale” now.
âThis merger means a change of course, not a mission. Our team, our unique corporate culture and our great community of creators – all will remain the same. Kakao Entertainment is very impressed with our recent success,â Kim continues. âOur revenue increased fivefold last year, making us one of the best reading apps in the US. We have developed over 80 original stories with our creators, which are now featured as TV projects, cinematographic and printed matter. “
Kim will remain CEO of Tapas, while assuming the role of head of global strategy at its parent company, Kakao Entertainment.
Initially launched in 2012 under the name Comics Panda, Tapas Media has become one of the giants of the webcomics industry. Last year, the company reported an average daily revenue of $ 60,000 and has 8 billion pageviews of 96,000 original comic books / prose novels. In addition to its creator-owned comic book offerings, Tapas has partnerships with Scholastic, Boom! Studios, the Hachette Book Group, and much more.
Earlier this year, Tapas hired former DC co-editor Michele Wells to be its Creative Director.
Tapas are one of the many ways to read comics digitally – check out our list of best digital comic readers for Android and iOS devices.