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S Korea's Naver to acquire Canadian entertainment company Wattpad for $600m

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Wattpad to Be Acquired for $600 Million by Parent Company of Webtoon

Wattpad to Be Acquired for $600 Million by Parent Company of Webtoon
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Wattpad Storytelling App Sold for $600 Million to South Korean Firm Naver

Wattpad Storytelling App Sold for $600 Million to South Korean Firm Naver
Etan Vlessing
The Canadian storytelling app Wattpad has unveiled a deal to be acquired by Naver, the South Korean Internet conglomerate and home of Webtoon, the global digital comics platform as part of a cash and stock deal valued at $600 million.
The acquisition, when completed, will combine Wattpad and Webtoon into a platform with a joint global monthly audience of 160 million users. Wattpad will remain headquartered in Toronto under the leadership of co-founders Allen Lau and Ivan Yuen, and its board of directors offered its approval for the friendly takeover by publicly-listed Naver. ....

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Wattpad, the storytelling platform, is selling to South Korea's Naver for $600 million – TechCrunch

Wattpad, the storytelling platform, is selling to South Korea’s Naver for $600 million
Wattpad, the 14-year-old, Toronto-based, venture-backed storytelling platform with reach into a number of verticals, is being acquired by Naver, the South Korean conglomerate, in a $600 million cash-and-stock deal.
Naver plans to incorporate at least part of the business into another of its holdings, the publishing platform Webtoon, which Naver launched in 2004, brought to the U.S. in 2014, and that features thousands of comic strips created by its users. It also has a huge audience. According to Naver, Webtoon was averaging more than 67 million monthly users as of last August. ....

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Realscreen » Archive » Korean internet conglomerate Naver to acquire Wattpad for US$600M

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 ann ....

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