Naver said it expects to close the deal within the first half of 2021. Wattpad agreed to be acquired by Korea's Naver, parent of digital comics platform Webtoon, in a deal worth more than $600 million. Naver said the acquisition would allow its own digital comics publishing business, called Webtoon, to have over 160 million monthly users and become the world's largest storytelling platform business. The acquisition of Wattpad will allow Naver to strengthen its North American business, the company said. ... ACCC watching the clock tick as Facebook lags Google in striking news media deals. “Wattpad joining WEBTOON under the Naver umbrella is a big step towards us becoming a leading global multimedia entertainment company,” said WEBTOON founder and chief executive Kim Jun-koo. to longtime If combined with Naver’s WEBTOON, both companies could gain over 160 million monthly users. In October, Naver was fined 26.7 billion won, around 23 million, by South Korea's Fair Trade Commission for manipulating its search algorithm to give preferential treatment to its own services and contents over rivals. LG and Luxoft launch joint venture Alluto for webOS Auto, Samsung to unveil new Galaxy A smartphones on March 17, LG wins patent lawsuit against TCL in Germany, SK Hynix supplies 18GB mobile DRAM for Asus gaming smartphone. By signing up, you agree to receive the selected newsletter(s) which you may unsubscribe from at any time. It is expected to see an increase in profit from foreign services by being able to increase a number of its … Naver (KRX: 035420) acquired Wattpad, the 14-year-old, Toronto-based, venture-backed storytelling platform. South Korean search giant Naver announced on Wednesday it has agreed to wholly acquire Canadian fiction platform Wattpad for 653 billion won, approximately $593 million. support Toronto-based online storytelling company Wattpad has confirmed with Good e-Reader that they are being sold to NAVER, for $600 million in cash. Canadian multi-platform entertainment company Wattpad announced on January 21, 2021 acquisition of Wattpad and WEBTOON™ by South Korean company Naver for “an estimated USD $600 million.” According to the announcement: The acquisition will allow Wattpad to continue to accelerate its international growth and success. online South Korean search engine company Naver Corp. has acquired online self-publishing platform Wattpad for an estimated ~$600M More: Engadget , Hollywood Reporter , PR Newswire , iPhone in Canada Blog , Nikkei Asia , The Economic Times , ZDNet , Canadian Press , Business Wire , Deadline , and The Verge "willing One of the common criticisms is that it fails to recognise skills and occupations that companies are demanding. South Korean internet giant Naver, which owns the global digital comics platform WEBTOON, is acquiring Wattpad in a cash and stock deal valued at more than $600 million. Naver announced the deal early before market open Wednesday morning local time in South Korea. publishers to On January 19, 2021 Wattpad announced that its board has approved an agreement to be acquired by Naver, the owner of WEBTOON. Naver acquires Canadian multi-platform storytelling company Wattpad Corp. for 653 billion won to boost user-base and presence in international markets. Line Webtoon operates a digital multi-lingual webcomic platform for the global market, supporting more than 70 million monthly users. By In 2014, Webtoon began offering its services in various languages, including English and Chinese. ALL RIGHTS RESERVED. As Publishing Perspectives announced on Tuesday evening (January 19), Naver is acquiring Wattpad in a stock and cash deal valued at US$600 million. Wattpad Corp. to be Acquired by Naver Corporation for over USD $600 Million January 21, 2021. Wattpad has been acquired by the Naver, the South Korean Internet Conglomerate which is also home to the digital comics platform Webtoon. South Korean development company Naver Corp. announced they have acquired the Canadian multi-platform storytelling company, Wattpad Corp. Toronto-based online storytelling company Wattpad Corp. said its board of directors unanimously approved a cash and stock transaction Tuesday that will see it acquired by Naver … South Korean search giant Naver announced on Wednesday it has agreed to wholly acquire Canadian fiction platform Wattpad for 653 billion won, approximately $593 million. Pin it. Wattpad Corp., a global multi-platform storytelling entertainment company headquartered in Canada, to be acquired by Naver Corporation, a public South Korean Internet conglomerate. its By registering, you agree to the Terms of Use and acknowledge the data practices outlined in the Privacy Policy. | Topic: Tech Industry. Through Wattpad, Naver can strengthen their business operations in North America and convert stories into comics. now combines with Naver’s 72 million users to make an unrivalled platform, although in real terms it seems Wattpad will be run as an independent company, at least for now. Due to the investment, Naver can help boost Wattpad’s international presence and achievements. Hollywood deals. “In 2021, when every form of entertainment is being transformed, we’ve built a platform that can fuel hits on screen and bookshelves, empowering and rewarding a new generation of diverse creators all over the world.”. We’re thrilled to have them join the Naver family.”. The transaction between the two companies amounted to 653.3 billion won (US $593.6 million). Tim Berners-Lee wants to see all young people given access to a fair and safe web. platforms, TORONTO - One of Canada's most prominent technology darlings is being sold to a South Korean internet conglomerate in a US$600-million deal. Alluto will offer connected car solutions based on the webOS Auto platform. 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. Through Wattpad, Naver can strengthen their business operations in North America and convert stories into comics. South Korean internet giant Naver Corp. has struck a deal to buy Toronto’s Wattpad Corp., the latest in a string of international mergers and acquisitions involving Canadian technology companies. The ACCC is concerned with the choice of browser options afforded to Australians. That in itself is worth putting in a wider context, because the combined online-reading base of Tencent (China Literature), Alibaba and other players mean the online reading market is likely substantially over a half billion. Naver’s acquisition  is subject to customary adjustments, as well as regulatory approvals and terms. “Both Wattpad and WEBTOON care most about helping creators tell their story their way, and both represent world-leading collections of inspired, imaginative storytelling IP.”. throws Their current headquarters, as of 2019, is based in Toronto, Ontario. Cookie Settings | | January 20, 2021 -- 02:19 GMT (02:19 GMT) Under the management of founders Allen Lau and Ivan Yuen, Wattpad will retain their head office in Toronto. Australian Public Service identifies agencies suffer from critical tech talent shortage. During the second quarter of Wattpad’s fiscal year, Naver will finalize their acquisition. You may unsubscribe from these newsletters at any time. against “Wattpad’s vision to entertain and connect the world through stories fits perfectly with our vision for WEBTOON and Naver’s content brand. ANZCO list used to determine Australia's tech talent visa eligibility criticised as outdated. Chair of the competition watchdog said he's happy to let it play out, for now. "Wattpad joining WEBTOON under the NAVER umbrella will be a big step towards us becoming a leading global multimedia entertainment company," said NAVER … Naver Stories Refine by tag: naver alltop daum zum news google twitter tumblr korea weheartit facebook blogspot games online wikipedia instagram youtube wattpad regi777 gahi7 RELATED: Wattpad to be acquired by South Korea’s Naver Corp. for $754 million CAD Over the past number of years, it has penned production deals that have seen stories on its platform become books, movies, podcasts and television series on a global level, including for Netflix. Davies has advised global multi-platform entertainment company Wattpad Corp. in its contemplated acquisition by South Korean Internet company Naver Corporation, home of … operates a digital multi-lingual webcomic platform for the global market, supporting more than 70 million monthly users. Totvs buys RD Station in Brazil's largest software M&A deal, Purchase of the marketing automation startup is part of a strategy focused on the business performance segment, © 2021 ZDNET, A RED VENTURES COMPANY. He believes investing in safe and reliable technologies and connections is a 'down payment' on the future. abnormality. 'Naver is expected to acquire Wattpad in a cash and stock transaction valued at more than an estimated USD 600 million, subject to customary adjustments and other terms,' a statement said. 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Naver acquires Wattpad for over $600m. By Porter Anderson, Editor-in-Chief | @Porter_Anderson Lau: ‘Taking Our Business to the Next Level’ T he board of directors of Wattpad. Jan 20, 2021 12:04 AM UTC. “When we started Wattpad in 2006, we understood that technology would democratize storytelling and that stories are the atomic unit of every type of entertainment,” said Wattpad founder Lau. WEBTOON parent company Naver just acquired fanfic site Wattpad for $600 million. South Korean development company Naver Corp. announced they have acquired the Canadian multi-platform storytelling company, Wattpad Corp. Wattpad may no longer be trying to become an entertainment tastemaker all on its own — South Korean web company Naver is buying Wattpad for … that Please review our terms of service to complete your newsletter subscription. Two sources familiar with the matter said Wattpad… Y/N is a new employee working for Lobotomy corporation, proud of being part of the people ready to change the world... but not ready for what will happen to him. After South Korean internet giant Naver Corp. has struck a deal to buy Toronto’s Wattpad Corp., for between US$600-million and US$700-million, the Globe and Mail has learned. Kirkland & Ellis is advising Naver Corporation, a globally recognized technology company, on its acquisition of Wattpad, a global multi-platform entertainment company for original stories and leading social storytelling platform, in a cash and stock transaction valued at more than $600 million. Naver becomes the No.1 storytelling platform in the world. Published January 20, 2021 by Ruth Comerford. Acquiring company: Naver (Naver Corporation) . Webtoon currently boasts over 72 million monthly users and has been looking to expand globally. The purchase will align Wattpad to Line Webtoon Corp. (WEBTOON), a South Korean subsidiary publishing portal launched by Naver Corporation. Toronto-based Wattpad, founded in 2006, has over 90 million monthly users that spend over 23 billion minutes a month on the platform. Why? Naver Corp. to Buy Wattpad for More Than $600 Million Provided by Dow Jones. "Wattpad joining WEBTOON under the NAVER umbrella will be a big step towards us becoming a leading global ... Redfin Corp. calculated that an … Wattpad developed in 2006, as the result of a collaboration between Allen Lau and Ivan Yuen. The company has published around 1,500 stories in the book and film formats. The purchase will align Wattpad to Line Webtoon Corp. (WEBTOON), a South Korean subsidiary publishing portal launched by Naver Corporation. We’re thrilled about the prospect of joining the amazing teams at Naver and WEBTOON to continue our growth, help more writers make money, and bring new voices to screens and bookstores everywhere,” Lau continued. is Through its flagship application, Wattpad provides a social storytelling platform where users can create and publish their stories. Advertise | (function(){window.mc4wp=window.mc4wp||{listeners:[],forms:{on:function(evt,cb){window.mc4wp.listeners.push({event:evt,callback:cb});}}}})(); provides a social storytelling platform where users can create and publish their stories. Privacy Policy | bargaining The European Linux giant will soon be spun out from EQT in an IPO later this year. more Naver has acquired Wattpad, which is the top storytelling platform in the world, and is looking to become the world’s biggest storytelling platform. charges
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