Naver to invest $134 million on overseas comics business

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Naver to invest $134 million on overseas comics business

Korea’s top portal operator Naver said Monday it will invest 150 billion won in its online comic platform to better penetrate into overseas markets.

Naver said it will make the investment through a paid-in capital increase program and acquire 300,000 additional shares in its wholly-owned affiliate, Naver Webtoon.

Naver Webtoon said it plans to use the cash to expand its presence in foreign markets like the United States and Japan.

The portal operator has been making various efforts to beef up its comic business, also investing some 60 billion won in January in its affiliate.

Naver said it currently has some 5 million active users in the United States, claiming the investment will help Naver Webtoon achieve further growth going forward.

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