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.
Wattpad uses its data-driven machine-learning technology to identify and co-produce YA and teen projects with international entertainment players, including Sony.
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