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Overseas Business Insights, March 2019 - United States Department of State
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Wattpad to Be Acquired for $600 Million by Parent Company of Webtoon
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Korean internet conglomerate Naver to acquire Wattpad for US$600M The deal brings Wattpad under the same umbrella as the digital comic publisher Webtoon, with the platforms boasting a combined user base of around 160 million. (Wattpad co-founder Allen Lau pictured.) January 20, 2021
South Korean internet conglomerate Naver, the parent company of digital comic platform Webtoon, is to acquire Wattpad in a cash-and-stock transaction valued at more than US$600 million.
The acquisition brings together two entities with vast user engagement – Wattpad has a global community of around 90 million users, while Webtoon claims around 72 million monthly active users – with the goal of collaborating to “create a stronger and connected ecosystem across visual and textual storytelling content,” said press release announcing the dea