Naver’s US$600 million acquisition of Wattpad, announced early this year, is completed just as potential competition arrives from Amazon’s new Kindle Vella and Seoul’s Kakao.
In Seoul, a line of bus passengers and their cell phones during the coronavirus COVID-19 pandemic. Image – Getty iStockphoto: Wonseok Jang
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In January, as you’ll recall, it was announced that the Toronto-based Wattpad was to be acquired by Naver, a South Korean Internet search engine conglomerate, the home of Webtoon, a digital comics platform.
In its messaging overnight (May 10), the Canadian company has reiterated its earlier citation of the acquisition being a cash and stock transaction valued at more than $US600 million. It also restates that Wattpad’s co-founders Allen Lau and Ivan Yuen will continue their direction of Wattpad, and that the company will remain based in Canada. Lau, who is CEO, is to report to the Jun-koo Kim, the found
Wattpad co-founders Allen Lau (left) and Ivan Yuen
Naver, the South Korean internet conglomerate that owns digital comics platform Webtoon, has completed its acquisition of Canada-based digital storytelling platform Wattpad.
The US$600m deal, which was announced early this year, aligns Wattpad with Webtoon, with the aim of bringing more new, diverse voices to screens and bookstores around the world.
Wattpad will remain headquartered in Canada under the continued leadership of co-founders Allen Lau and Ivan Yuen. Lau, who is also CEO, will report to Webtoon CEO Jun Koo Kim.
As part of Naver, Wattpad will focus on continued growth and innovation, expanding its teams and developing new initiatives to reward writers on the platform.
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Naver Completes Wattpad Acquisition
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South Korean conglomerate Naver has completed its acquisition of Wattpad in a cash and stock transaction valued at more than $600 million.
Wattpad will remain headquartered in Canada under the continued leadership of founders Allen Lau and Ivan Yuen. Lau, CEO and co-founder, will report to WEBTOON CEO Jun Koo Kim.
The plan is for Wattpad to grow its teams by nearly 50 percent in 2021, adding close to 100 new roles in engineering, marketing, content and other parts of the company.
With a global community of more than 90 million people, Wattpad is a global leader in social storytelling and entertainment. Along with sponsored brand partnerships, and TV, film and book adaptations, Wattpad Paid Stories are just one of a growing number of paths for Wattpad writers to earn money from their work.
Wattpad to Be Acquired for $600 Million by Parent Company of Webtoon lmtonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from lmtonline.com Daily Mail and Mail on Sunday newspapers.
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.