Naver to acquire web novel platform Wattpad for $593 mn
Graphics by Jerry Lee South Korea’s portal giant Naver Corp. will acquire Wattpad, the world's largest web novel platform based in Toronto, for 653.2 billion won ($593 million) in a move to beef up storytelling content for its entertainment operations. The deal is seen as part of Naver's strategy to secure a leading position in the global content market. Naver announced on Jan. 20 that it has decided to acquire a 100% stake in Wattpad, which will mark the company's largest-ever investment in an external company. The deal is expected to position the Korean internet giant as a frontrunn...