South Korean internet conglomerate Naver has acquired social storytelling platform Wattpad in a cash and stock transaction valuing the Toronto-based firm at more than $600 mn. Wattpad claims to have a global community of 90 mn people on its platform, including more than 5 mn writers, who spend over 23 bn minutes on a monthly basis.
Naver's digital comics publisher Webtoon said the acquisition will help in collaborating with Wattpad to create a stronger ecosystem across visual and textual storytelling content, with a combined reader base of over 160 mn monthly users across the world. The deal is expected to close in Q2 of 2021.
Wattpad’s vision to entertain and connect the world through stories fits perfectly with our vision for Webtoon and Naver’s content brand. We’re thrilled to have them join the Naver family,” said Seong-Sook Han, CEO of Naver.