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As Naver closes $754 million CAD acquisition of Wattpad, Allen Lau is looking to scale

As Naver closes $754 million CAD acquisition of Wattpad, Allen Lau is looking to scale
South Korean internet company Naver Corp. has officially acquired Wattpad for more than $754 million CAD ($600 million USD).
With the deal now closed, Toronto-based Wattpad has become a Naver brand alongside WEBTOON, a global leader in webcomics that Wattpad will work closely with moving forward. Wattpad’s core app will continue to operate independently while both content companies explore new ways to collaborate. Wattpad CEO and co-founder Allen Lau will report to WEBTOON CEO Jun Koo Kim.
Sources familiar with the deal told BetaKit the final amount of the acquisition may be more than $800 million CAD. ....

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South Korea's Naver Completes Its Acquisition of Canada's Wattpad

Naver’s US$600 million acquisition of Wattpad, announced early this year, is completed just as potential competition arrives from Amazon’s new Kindle Vella and Seoul’s Kakao.
In Seoul, a line of bus passengers and their cell phones during the coronavirus COVID-19 pandemic. Image – Getty iStockphoto: Wonseok Jang
South Korea’s Kakao Is Also a Buyer: Radish and Tapas
In January, as you’ll recall, it was announced that the Toronto-based Wattpad was to be acquired by Naver, a South Korean Internet search engine conglomerate, the home of Webtoon, a digital comics platform.
In its messaging overnight (May 10), the Canadian company has reiterated its earlier citation of the acquisition being a cash and stock transaction valued at more than $US600 million. It also restates that Wattpad’s co-founders Allen Lau and Ivan Yuen will continue their direction of Wattpad, and that the company will remain based in Canada. Lau, who is CEO, is to report to the Jun-koo ....

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Naver buys Wattpad for $600m

Wattpad co-founders Allen Lau (left) and Ivan Yuen
Naver, the South Korean internet conglomerate that owns digital comics platform Webtoon, has completed its acquisition of Canada-based digital storytelling platform Wattpad.
The US$600m deal, which was announced early this year, aligns Wattpad with Webtoon, with the aim of bringing more new, diverse voices to screens and bookstores around the world.
Wattpad will remain headquartered in Canada under the continued leadership of co-founders Allen Lau and Ivan Yuen. Lau, who is also CEO, will report to Webtoon CEO Jun Koo Kim.
As part of Naver, Wattpad will focus on continued growth and innovation, expanding its teams and developing new initiatives to reward writers on the platform. ....

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Naver Completes Wattpad Acquisition

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Naver Completes Wattpad Acquisition
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South Korean conglomerate Naver has completed its acquisition of Wattpad in a cash and stock transaction valued at more than $600 million.
Wattpad will remain headquartered in Canada under the continued leadership of founders Allen Lau and Ivan Yuen. Lau, CEO and co-founder, will report to WEBTOON CEO Jun Koo Kim.
The plan is for Wattpad to grow its teams by nearly 50 percent in 2021, adding close to 100 new roles in engineering, marketing, content and other parts of the company.
With a global community of more than 90 million people, Wattpad is a global leader in social storytelling and entertainment. Along with sponsored brand partnerships, and TV, film and book adaptations, Wattpad Paid Stories are just one of a growing number of paths for Wattpad writers to earn money from their work. ....

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Korea's Naver Completes Wattpad Acquisition

Korea's Naver Completes Wattpad Acquisition
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