SEOUL, Jan.20 (Yonhap) – South Korean internet conglomerate Naver Corp. said on Wednesday that it will acquire Canadian entertainment platform operator Wattpad Corp., through a stock transaction valued at 653.3 billion won ($ 593.6 million).
The Toronto-based storytelling platform provides stories through its flagship app. It is a community with more than 90 million people from around the world, who dedicate more than 23,000 million minutes a month to original stories.
Naver said the acquisition is aimed at strengthening the North American business and diversifying the global content business.
The move is expected to tailor Wattpad to Naver, the parent company of Line Webtoon Corp., a global operator of digital comics, with an average number of active users exceeding 70 million per month.
Line Webtoon is home to a plethora of content owned by its creators, from the romance genre to fantasy. Line Webtoon began offering the global service in English and Chinese in 2014, and has since added other languages to further penetrate the global market.