<SEC-DOCUMENT>0000950123-24-003291.txt : 20240725
<SEC-HEADER>0000950123-24-003291.hdr.sgml : 20240725
<ACCEPTANCE-DATETIME>20240412195045
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-24-003291
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20240412

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WEBTOON Entertainment Inc.
		CENTRAL INDEX KEY:			0001997859
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS PUBLISHING [2741]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		5700 WILSHIRE BLVD, SUITE 220
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90036
		BUSINESS PHONE:		213-347-4841

	MAIL ADDRESS:	
		STREET 1:		5700 WILSHIRE BLVD, SUITE 220
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90036
</SEC-HEADER>
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<TYPE>DRSLTR
<SEQUENCE>1
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<TITLE>DRSLTR</TITLE>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">601 Lexington Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">New York, NY 10022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">United States
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">+1 212 446 4800 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">www.kirkland.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">April&nbsp;12,
2024 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">VIA EDGAR </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporate Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Stephany Yang, Anne McConnell,
Erin Donahue and Evan Ewing </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>WEBTOON Entertainment Inc. </B></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&#8194;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Amendment No.&nbsp;1 to Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT>
</B></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&#8194;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Submitted February&nbsp;9, 2024 </B></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&#8194;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>CIK No.&nbsp;0001997859 </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of our client, WEBTOON Entertainment Inc. (the &#147;<B>Company</B>&#148;), we set forth below the Company&#146;s responses to the
letter, dated February&nbsp;23, 2024, containing the comments of the staff of the Division of Corporate Finance (the &#147;<B>Staff</B>&#148;) of the Securities and Exchange Commission (the&nbsp;&#147;<B>Commission</B>&#148;) with respect to the
above referenced Amendment No.&nbsp;1 to Draft Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;S-1,</FONT> confidentially submitted by the Company on February&nbsp;9, 2024 (the &#147;<B>Draft Registration Statement</B>&#148;).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In order to facilitate your review of our responses, we have restated each of the Staff&#146;s comments in this letter, and we have
numbered the paragraphs below to correspond to the numbers in the Staff&#146;s letter. For your convenience, we have also set forth the Company&#146;s response to each of the Staff&#146;s comments immediately below the corresponding numbered
comment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Concurrent with the submission of this letter, we are submitting a revised confidential Draft Registration Statement on Form
DRS/A (the &#147;<B>Registration Statement</B>&#148;) in response to the Staff&#146;s comments. Page numbers in the text of the Company&#146;s responses correspond to page numbers in the Registration Statement. Unless otherwise indicated,
capitalized terms used herein have the meanings assigned to them in the Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Austin&#8194;Bay
Area&#8194;Beijing&#8194;Boston&#8194;Brussels&#8194;Chicago&#8194;Dallas&#8194;Hong Kong&#8194;Houston&#8194;London&#8194;Los Angeles&#8194;Miami&#8194;Munich&#8194;Paris&#8194;Riyadh&#8194;Salt Lake City </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Shanghai&#8194;Washington,&nbsp;D.C. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Amendment No.&nbsp;1 to Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT>
</U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Key Factors Affecting Our Performance, page 84 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Staff&#146;s comment</I></B>: We note your disclosure of Paid Content GMV on page 87. Please address the
following: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">More fully explain how it is calculated and what it represents, including if and how &#147;total value&#148;
relates to revenue recorded in the combined financial statements; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">More fully disclose and describe why the measure is useful to investors; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Disclose any key estimates, assumptions, and limitations specific to the measure. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B><I>Response</I></B>: The Company respectfully acknowledges the Staff&#146;s comments and revised its disclosure on pages iv, 38, 39 and 88
of the Registration Statement to address the Staff&#146;s comments. Paid Content GMV is an operating metric which management uses to assess and analyze the directional trend of paying user demand in a period and is also important for investors as a
broad indicator of demand for paid content accessed on the Company&#146;s platform. Paid Content GMV represents the dollars spent in a period by users to access paid content on the Company&#146;s platform. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company believes that Paid Content GMV, which primarily consists of the dollar value of all Coins purchased by its users (no matter when
purchased) and subsequently redeemed to access paid content on its platform, is not a financial metric because it is not a numerical measure of the Company&#146;s financial performance, financial position or cash flow. Paid Content GMV is an
operating metric generated from the Company&#146;s operational system which collects data about the platform&#146;s transaction activities. Paid Content GMV is not generated from the Company&#146;s financial reporting system and it differs from
recorded revenue in meaningful ways because it represents the dollars spent by users to access paid content on the Company&#146;s platform on a uniform basis, irrespective of geographic region or accounting differences that may cause different
revenue recognition outcomes for the same amount of paid content accessed. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">By analyzing the dollars spent in a period by users to access
paid content on the Company&#146;s platform on a uniform basis, management can identify directional trends in paying user demand for a series, individual titles and user cohort over time. Paid Content GMV therefore provides management with useful
information in making operational decisions regarding new episode releases, which content it places behind a paywall, user cohort trends and marketing efficiency. The Company believes that Paid Content GMV is also an important indicator for
investors because it shows the directional trend of user demand for paid content accessed on the Company&#146;s platform. Stated simply, Paid Content GMV allows management and investors to assess paying user demand across the Company&#146;s platform
over segments of time. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Combined Financial Statements </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Note 1. Description of Business and Summary of Significant Accounting Policies</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Organization and Description of Business, page <FONT STYLE="white-space:nowrap">F-7</FONT> </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Staff&#146;s comment</I></B>: We note your response to comment 11; however, it is not clear to us if the
combined financial statements reflect allocations for common expenses incurred by the ultimate parent. Please more fully explain to us how each entity that is controlled by Naver operated and how you determined no common expenses are required to be
allocated to the combined financial statements to comply with the provisions of SAB Topic 1:B. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B><I>Response</I></B>:
The Company respectfully advises the Staff that it believes the common expenses are reasonably calculated in accordance with SAB Topic 1 Question 2. In particular, the Company&#146;s consolidated financial statements for all periods presented in the
Registration Statement include all the costs of doing business, including the expenses from services provided by Naver, the ultimate parent, to the Company and its subsidiaries. Such services include, but are not limited to, use of the Naver brand,
information technology services, and shared services such as accounting, finance, human resources, general affairs and procurement. The Company and its subsidiaries are charged under certain agreements for such services based on an estimated cost
allocation plus <FONT STYLE="white-space:nowrap">mark-up</FONT> methodology, which management believes approximates the cost of services negotiated at arm&#146;s length. All common expenses incurred by Naver on behalf of the Company to operate its
business are governed by such service agreements and are reflected in the Company&#146;s consolidated financial statements as operating expenses. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Note
17. Business Combinations, page <FONT STYLE="white-space:nowrap">F-40</FONT> </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Staff&#146;s comment</I></B>: We note your response to comment 20. Please more fully explain to us if and
how you considered the fair value of the shares of Munpia you acquired in February 2022 in determining the fair value of the shares of Munpia issued to acquire Studio JHS Inc. in August 2022. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B><I>Response</I></B>: The Company respectfully advises the Staff that the Company considered the February 2022 valuation as a benchmark data
point, but not as a direct input into the August 2022 valuation of Munpia shares for the acquisition of Studio JHS Inc. Specifically, the August 2022 valuation was performed using the discounted cash flow method applying a discount rate of 13.8% and
terminal growth rate of 1.0% incorporating historical financial information, business plans of Munpia, and market outlook information. In performing the August 2022 valuation, Management assessed reasonableness over the fair value of Munpia shares
derived from the discounted cash flow method by confirming that the fair value derived from the discounted cash flow method was within a range of fair values calculated using a transaction multiple method. For the transaction multiple method,
Management used the February 2022 transaction of Munpia shares in which the Company acquired a controlling financial interest in Munpia as well as other comparable transactions as observable inputs. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We hope that the foregoing has been responsive to the Staff&#146;s comments. If you have any
questions related to this letter, please contact Michael&nbsp;Kim by telephone at <FONT STYLE="white-space:nowrap">(212)&nbsp;446-4746</FONT> or by email at <U>michael.kim@kirkland.com</U> or Joshua N. Korff by telephone at <FONT
STYLE="white-space:nowrap">(212)&nbsp;446-4943</FONT> or by email at <U>joshua.korff@kirkland.com</U>. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Sincerely,</TD></TR>
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<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Michael Kim</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Michael Kim</TD></TR>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">VIA <FONT STYLE="white-space:nowrap">E-MAIL</FONT> </P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">cc:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Junkoo Kim</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>David Lee</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><I>WEBTOON Entertainment Inc.</I></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Michael Kaplan</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Dan Gibbons</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Judah Bareli</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><I>Davis Polk&nbsp;&amp; Wardwell LLP</I></TD></TR>
</TABLE>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
