Wattpad agreed to be acquired by Korea's Naver, parent of digital comics platform Webtoon, in a deal worth more than $600 million. its throws "willing Tim Berners-Lee wants to see all young people given access to a fair and safe web. Australia extends tech giant probe to Google and Apple browser domination. behind Webtoon currently boasts over 72 million monthly users and has been looking to expand globally. Wattpad a website where writers share their stories has been acquired by Naver which owns WEBTOON (1).Below are facts about the acquisition. The ACCC is concerned with the choice of browser options afforded to Australians. Davies has advised global multi-platform entertainment company Wattpad Corp. in its contemplated acquisition by South Korean Internet company Naver Corporation, home of … Published January 20, 2021 by Ruth Comerford. 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By Porter Anderson, Editor-in-Chief | @Porter_Anderson Lau: ‘Taking Our Business to the Next Level’ T he board of directors of Wattpad. “Both Wattpad and WEBTOON care most about helping creators tell their story their way, and, both represent world-leading collections of inspired, imaginative storytelling, Naver, CJ Sign 600 Bln Won Share-Swap Deal to Strengthen E-Commerce, Lezhin Collaborates with Anime-Planet to Provide Exclusive Content, Top Reason Why Naver Could Make Your Life Easy, Netmarble Joins BTS for New Mobile Game BTS Universe Story, Kakao Entertainment’s K-pop music Returns to Spotify’s Streaming Service, Kakao M and Kakao Page Signs Merger to Create Kakao Entertainment, South Korean Webtoon Firms Excel in Japanese Manga App Industry, KT, LG Uplus Invests 26 Billion Won in SK Telecom’s ONE Store, Spotify Pulls Out K-Pop Music Provided by Kakao M, Naver Expand Innovative E-commerce Platform with Wallapop Partnership, Top 8 South Korean Mobile MMORPG to Watch Out For in 2021, South Korea Ranks First Place Worldwide in Bloomberg Innovation Index, Doosan Mobility Introduce Hydrogen Fuel Cell-Powered Firefighting Robots, LG Releases Premium 2021 TV Lineup for Immersive Home Entertainment, Samsung Unveils Flagship S21 Series at Galaxy Unpacked 2021, Kia, Kakao Mobility Signs Partnership Promoting Electric Taxis, 6 Best Korean to English Translation Apps For 2021, Samsung Reveals Galaxy S21 Series Featuring BTS at Unpacked Event, LG Innotek Successfully Develops High Security Digital Car Key. Naver acquires Canadian multi-platform storytelling company Wattpad Corp. for 653 billion won to boost user-base and presence in international markets. rival 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. 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 … Through its flagship application, Wattpad provides a social storytelling platform where users can create and publish their stories. Hollywood deals. Amount Acquired for: $600 million (2) . Wattpad Corp. to be Acquired by Naver Corporation for over USD $600 Million January 21, 2021. Wattpad has an average monthly user count of over 90 million. Naver's digital comics publisher Webtoon said the acquisition will help in collaborating with Wattpad to create a stronger ecosystem across visual and textual storytelling content, with a combined reader … 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. its We’re thrilled to have them join the Naver family.”. "Wattpad joining WEBTOON under the NAVER umbrella will be a big step towards us becoming a leading global multimedia entertainment company," said NAVER … Two sources familiar with the matter said Wattpad… ... ACCC watching the clock tick as Facebook lags Google in striking news media deals. ANZCO list used to determine Australia's tech talent visa eligibility criticised as outdated. Microsoft support Naver said it expects to close the deal within the first half of 2021. The South Korean IT giant made it into a US$600 million cash-and-stock deal. Privacy Policy | power The acquisition of Wattpad will allow Naver to strengthen its North American business, the company said. On January 19, 2021 Wattpad announced that its board has approved an agreement to be acquired by Naver, the owner of WEBTOON. 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. 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. Advertise | WEBTOON parent company Naver just acquired fanfic site Wattpad for $600 million. It is expected to see an increase in profit from foreign services by being able to increase a number of its … You also agree to the Terms of Use and acknowledge the data collection and usage practices outlined in our Privacy Policy. Acquiring company: Naver (Naver Corporation) . One of the common criticisms is that it fails to recognise skills and occupations that companies are demanding. Toronto-based online storytelling company Wattpad has confirmed with Good e-Reader that they are being sold to NAVER, for $600 million in cash. (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. Wattpad confirmed the deal to BetaKit Tuesday evening. “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.”. platforms, You agree to receive updates, alerts, and promotions from the CBS family of companies - including ZDNet’s Tech Update Today and ZDNet Announcement newsletters. “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. The statistics match the latest Seek employment results. bargaining Chair of the competition watchdog said he's happy to let it play out, for now. Line Webtoon operates a digital multi-lingual webcomic platform for the global market, supporting more than 70 million monthly users. Why? 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. 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. to 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 later this year. give Wattpad has been acquired by the Naver, the South Korean Internet Conglomerate which is also home to the digital comics platform Webtoon. He believes investing in safe and reliable technologies and connections is a 'down payment' on the future. 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 Please review our terms of service to complete your newsletter subscription. “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.”. 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. (function(){window.mc4wp=window.mc4wp||{listeners:[],forms:{on:function(evt,cb){window.mc4wp.listeners.push({event:evt,callback:cb});}}}})(); Leave this field empty if you're human: NAVERKakaoNexonNetmarbleNcsoftSamsungHyundaiSKLGKT.img-cover-qiye code p{font-size:9px;text-align:center}.img-cover-qiye p{font-size:9px}.img-cover-qiye p{font-size:9px;position:absolute;bottom:0;text-align:center;left:4em}.img-cover-qiye img{height:auto}ul.qiye-imglist li{background:#fff;text-align:center;border:1px solid #d6cece;height:115px;vertical-align:middle}, Copyright © 2020 KoreaTechToday | About Us | Terms of Use |Privacy Policy |Cookie Policy|Contact : [email protected] |. The company has published around 1,500 stories in the book and film formats. Wattpad has 2,735 employees at their 1 location and $117.80 m in total funding,. 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. Wattpad Corp., a global multi-platform storytelling entertainment company headquartered in Canada, to be acquired by Naver Corporation, a public South Korean Internet conglomerate. The purchase will align Wattpad to Line Webtoon Corp. (WEBTOON), a South Korean subsidiary publishing portal launched by Naver Corporation. | January 20, 2021 -- 02:19 GMT (02:19 GMT) that By registering, you agree to the Terms of Use and acknowledge the data practices outlined in the Privacy Policy. ALL RIGHTS RESERVED. South Korean development company Naver Corp. announced they have acquired the Canadian multi-platform storytelling company, Wattpad Corp. Through Wattpad, Naver can strengthen their business operations in North America and convert stories into comics. against Their current headquarters, as of 2019, is based in Toronto, Ontario. You will also receive a complimentary subscription to the ZDNet's Tech Update Today and ZDNet Announcement newsletters. Naver will secure 160 million monthly users for its content business through the acquisition. to more publishers Toronto-based Wattpad, founded in 2006, has over 90 million monthly users that spend over 23 billion minutes a month on the platform. The purchase will align Wattpad to Line Webtoon Corp. (WEBTOON), a South Korean subsidiary publishing portal launched by Naver Corporation. Cho Mu-Hyun Cookie Settings | As Publishing Perspectives announced on Tuesday evening (January 19), Naver is acquiring Wattpad in a stock and cash deal valued at US$600 million. During the second quarter of Wattpad’s fiscal year, Naver will finalize their acquisition. The transaction between the two companies amounted to 653.3 billion won (US $593.6 million). You may unsubscribe at any time. Wattpad is set to be acquired by South Korean internet company Naver Corp. for an estimated $754 million CAD ($600 million USD). Wattpad, the storytelling platform, is selling to South Korea's Naver for $600 million. In addition, the South Korea search giant said the company would be able to convert fiction from Wattpad to comics to further bolster its comic business. charges South Korean development company Naver Corp. announced they have acquired the Canadian multi-platform storytelling company, Wattpad Corp. If combined with Naver’s WEBTOON, both companies could gain over 160 million monthly users. Naver announced the deal early before market open Wednesday morning local time in South Korea. is Jan 20, 2021 12:04 AM UTC. By 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. online Naver has acquired Wattpad, which is the top storytelling platform in the world, and is looking to become the world’s biggest storytelling platform. In essence, Lau describes two main elements of … You may unsubscribe from these newsletters at any time. We are excited to align Wattpad, a leading social storytelling company, with WEBTOON, a leading digital comic publisher, under the same umbrella. TORONTO - One of Canada's most prominent technology darlings is being sold to a South Korean internet conglomerate in a US$600-million deal. Through Wattpad, Naver can strengthen their business operations in North America and convert stories into comics. Naver acquires Wattpad for over $600m. Due to the investment, Naver can help boost Wattpad’s international presence and achievements. 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. The European Linux giant will soon be spun out from EQT in an IPO later this year. Acquisition Prospects: Webtoon and Wattpad which are both websites where creators share their … 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. Naver (KRX: 035420) acquired Wattpad, the 14-year-old, Toronto-based, venture-backed storytelling platform. “Wattpad’s vision to entertain and connect the world through stories fits perfectly with our vision for WEBTOON and Naver’s content brand. abnormality. In 2014, Webtoon began offering its services in various languages, including English and Chinese. Wattpad developed in 2006, as the result of a collaboration between Allen Lau and Ivan Yuen. Alluto will offer connected car solutions based on the webOS Auto platform. Naver acquires Canadian multi-platform storytelling company Wattpad Corp. for 653 billion won to boost user-base and presence in international markets. Australian Public Service identifies agencies suffer from critical tech talent shortage. 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. '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. Due to the investment, Naver can help boost Wattpad’s international presence and achievements. “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. 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. | Topic: Tech Industry. longtime Pin it. operates a digital multi-lingual webcomic platform for the global market, supporting more than 70 million monthly users. "Wattpad joining WEBTOON under the NAVER umbrella will be a big step towards us becoming a leading global ... Redfin Corp. calculated that an … Acquired company: Wattpad.. Acquired Date: 19 th January 2021.. legislation 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. After Google: Microsoft's interest in publishing debate is "naked corporate opportunism". Naver’s acquisition  is subject to customary adjustments, as well as regulatory approvals and terms. Korean internet giant Naver is to buy Wattpad for stock and … See insights on Wattpad including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. 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. “Co-founders Allen Lau and Ivan Yuen, and the entire team at Wattpad, have created something special, and we are grateful to have Allen and Ivan continue to lead this fantastic company for us post-acquisition,” said Naver’s chief executive, Han Seong-sook.
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