Storytelling Platform Wattpad to be Acquired by Naver, the Home of WEBTOON

Wattpad is a global multi-platform entertainment company for stories. Countless of textual stories written by different authors worldwide have found home in their social storytelling platform which connects a global community of millions of readers and writers.

WEBTOON, on the other hand, is another well-know platform where creators can share their stories. It is home of thousands of visual stories in the form of comics, webcomics, manga and the like. The company behind WEBTOON is the South Korean development company NAVER.

Both the Wattpad and WEBTOON are known entertaining countess of individuals around the globe. And now, these two big names has just officially announced today that they are set to start a brand new chapter together.

That’s right, Wattpad revealed that its board has approved an agreement to be acquired by Naver, the owner of WEBTOON. Likewise, NAVER also announced that it has approved a definitive agreement to acquire Wattpad in a transaction that is said to be valued more than an estimated USD 600 million.

“We are excited to align Wattpad, a leading social storytelling company, with WEBTOON, a leading digital comic publisher, under the same umbrella,” Wattpad said in a statement. “Together, we will help more creators make money, bringing even more new, diverse voices to screens and bookstores everywhere.”

Moreover, NAVER WEBTOON founder and CEO, Jun Koo Kim said, “Both Wattpad and WEBTOON care most about helping creators tell their story their way, and both represent world-leading collections of inspired, imaginative storytelling IP.”

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Source: Wattpad| Support, CISION| PR Newswire

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