Friday, May 14, 2021

South Korea’s Largest Web Company Acquires Wattpad For $ 600 Million

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Webtoon and Wattpad may soon be inextricably linked. Naver, the South Korean internet giant behind the digital comic platform Webtoon, will acquire Wattpad in a deal worth US $ 600 million in cash and stock. Both websites will have a “connected ecosystem” once the acquisition is complete. Neither side has revealed exactly what this means, but The Hollywood Reporter says they will share a platform for their combined audience of 160 million users.

Despite the acquisition, Wattpad will remain based in Toronto and under the leadership of its founders Allen Lau (pictured above) and Ivan Yuen. In his ad, Naver said that “Webtoon’s innovative monetization model and Wattpad’s huge library of diverse stories will provide every potential affiliate with new levers for growth.”

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