Naver acquires social storytelling platform Wattpad

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 million.

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 million monthly users across the world. The deal is expected to close in Q2 of 2021.

“Webtoon’s monetization model and Wattpad’s massive library of diverse stories will provide each prospective affiliate with new levers for growth, creating a stronger foundation to fund an aspiring generation of young, creative talent,” the company said.