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Wattpad to Be Acquired by Webtoon’s Korean Parent Company in $600 Million-Plus Deal
Tech giant Naver to buy the social storytelling platform in a cash and stock transactionBeatrice Verhoeven | January 19, 2021 @ 4:26 PM
Last Updated: January 19, 2021 @ 4:53 PM
Social storytelling platform Wattpad is being acquired by Webtoon’s Korean parent company Naver in a cash and stock transaction valued at more than $600 million, it was announced on Tuesday.
Webtoon and Wattpad will collaborate to create stronger storytelling content with a combined user base of over 160 million monthly users.
“Wattpad joining Webtoon under the Naver umbrella will be a big step towards us becoming a leading global multimedia entertainment company,” Naver Webtoon founder and CEO Jun Koo Kim said in a statement. “Both Wattpad and Webtoon care most about helping creators tell their story their way, and both represent world-leading collections of inspired, imaginative ....

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