Naver to acquire storytelling platform for 653.3 bln won
By Kim Han-joo
SEOUL, Jan. 20 (Yonhap) -- South Korea's internet conglomerate Naver Corp. said Wednesday that it will acquire Canadian entertainment platform operator Wattpad Corp. in a stock transaction valued at 653.3 billion won (US$593.6 million).
The Toronto-based storytelling platform provides stories through its flagship app. It is a community of more than 90 million people globally who spend over 23 billion minutes a month engaged in original stories.
Naver said the acquisition is aimed at "strengthening its North American business and diversifying global content business."
The move is expected to align Wattpad with Naver, the parent company of Line Webtoon Corp., a global webtoon operator with an average of more than 70 million monthly active users.
Line Webtoon is home to a plethora of creator-owned content, ranging from romance to fantasy. Line Webtoon began its global service in English and Chinese in 2014 and has since added several more languages to tap deeper into the global market.
khj@yna.co.kr
(END)
-
Overdue debut of Korean abstract art pioneer Yoo Young-kuk at Venice Biennale
-
Defense chief says N. Korea's hypersonic missile 'unsuccessful' in last-stage glide flight
-
Relax, immerse yourself in scents at Venice Biennale's Korean Pavilion
-
N. Korea has capability to genetically engineer biological military products: U.S. report
-
S. Korea marks 30th anniv. of Korean Pavilion at Venice Biennale with contemporary art
-
Overdue debut of Korean abstract art pioneer Yoo Young-kuk at Venice Biennale
-
Relax, immerse yourself in scents at Venice Biennale's Korean Pavilion
-
Artist Lee Bae captures ethereal Korean aesthetics at Venice Biennale
-
S. Korea marks 30th anniv. of Korean Pavilion at Venice Biennale with contemporary art
-
Defense chief says N. Korea's hypersonic missile 'unsuccessful' in last-stage glide flight
-
Facebook page unveils photos of BTS member V in counter-terrorism unit gear
-
Gov't likely to accept university chiefs' request to lower med school enrollment quota
-
S. Korea not invited to G7 summit meeting this year: sources
-
Yoon's approval rating sinks to lowest point since taking office
-
S. Korea to fully shift to 'endemic' from COVID-19 pandemic starting next month