Webtoon Entertainment shares surged on Tuesday after signing a deal to create a digital comic platform for Disney , and agreeing to sell the media conglomerate a 2% equity stake.

Webtoon briefly jumped around 39%, reaching a new 52-week high. The stock notched its second-largest one-day advance since going public last year. Stock Chart Icon Stock chart icon

Webtoon Entertainment, 1-day

Disney and Webtoon agreed Monday to create a digital platform for the studio's Marvel and Star Wars brands. More than 35,000 comics tied to Disney properties — including Pixar and 20th Century Studios — will be available on one service with a single subscription for the first time, the companies said.

A 'preferred destination'

Deutsche Bank analyst Benjamin Black described Monday

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