Wattpad to Be Acquired for $600 Million by Parent Company of Webtoon
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variety.comTodd Spangler NY Digital EditorWattpad, the user-generated fiction platform and entertainment company, announced that it agreed to be acquired by Korean internet conglomerate Naver, parent of digital comics platform Webtoon, in a deal worth more than $600 million.Seoul-based Naver plans to acquire Wattpad in a cash and stock transaction valued at more than $600 million, subject to customary adjustments and other terms, the companies announced.
The deal is expected to close in Q2 2021.Under the terms of the deal, Wattpad will remain headquartered in Toronto, Canada, under the continued leadership of its co-founders, CEO Allen Lau and chief strategy officer Ivan Yuen.The companies said the deal will “align” Wattpad’s user base of more than.
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