Social storytelling platform Wattpad and digital comic platform Webtoon announced a merger of their studio divisions to create Wattpad Webtoon Studios with the parent company of both, Naver, committing $100 million for development and production financing.Wattpad, based in Toronto, was recently acquired by Naver a South Korean internet conglomerate that owned Webtoon.
The new, combined studio will strengthens Naver’s global position in IP, digital comics and web novels.Wattpad Webtoon Studios will create global fan and data-driven TV shows, films, and books, unlocking the combined companies’ global IP libraries and growing roster of creators and fandoms across genres.
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