Trending...
- California: Governor Newsom announces appointments 9.10.25 - 365
- John Thomas calls for unity and prayer after tragic loss - 334
- Ayurveda, Ayurvedic medical Science and Ayurvedic Therapies, Dr.Abhay Kumar Pati - 328
Leading social storytelling platform Wattpad aligns with WEBTOON, leading global digital comics platform
LOS ANGELES, Jan. 19, 2021 /PRNewswire/ -- The Board of Directors of WEBTOON™'s parent company, NAVER, announced today that it has approved a definitive agreement to acquire leading social storytelling platform, Wattpad, in a cash and stock transaction valued at more than an estimated USD 600 million.
With the backing of Korean technology giant, NAVER, WEBTOON and Wattpad will collaborate to create a stronger and connected ecosystem across visual and textual storytelling content, with a combined reader base of over 160 million monthly users globally. WEBTOON's innovative monetization model and Wattpad's massive library of diverse stories will provide each prospective affiliate with new levers for growth, creating a stronger foundation to fund an aspiring generation of young, creative talent.
Webcomics and webnovels have already proven to serve as valuable source content for successful secondary works. WEBTOON's horror strip Sweet Home recently launched as a Netflix Original on December 18, 2020, ranking No. 1 in Korea and No. [3] globally for a Netflix TV show in [the month of December]. Wattpad has seen enormous entertainment success with published books, as well as TV, and film adaptations like the After franchise, Hulu's series Light as a Feather, and the hit Indonesian Vidio Originals series Turn On.
More on The Californer
"Wattpad joining WEBTOON under the NAVER umbrella will be a big step towards us becoming a leading global multimedia entertainment company," said NAVER WEBTOON founder and CEO, Jun Koo Kim. "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."
The transaction is subject to customary regulatory approvals and is expected to close within the first half of this year.
Kirkland & Ellis LLP and Stikeman Elliott LLP are acting as legal advisors to NAVER.
Note for media and analysts:
ABOUT WEBTOON
WEBTOON, a subsidiary of NAVER, is the world's leading digital platform for visual storytelling, with more than 72+ million global monthly readers. As the first modern digital publishing and self-publishing platform for digital comics, WEBTOON has revolutionized the way visual stories are created and consumed, allowing anyone to become a creator. WEBTOON is the No.1 app among 16-24 year olds in Korea and also is in the top tier among the same group in other countries, including the United States.
ABOUT NAVER
NAVER invests in the pursuit of transformation and innovation of technology platforms and is devoted to shared growth by connecting global users and partners. Founded in 1999, NAVER is Korea's largest information technology company. NAVER operates Korea's No.1 search engine and largest e-commerce platform, and is a leading provider of fintech services, digital content and cloud services to a global community. NAVER cultivates a culture of 'Founder-type leaders' who continue to launch innovative mobile applications, including LINE (Japan's No.1 messaging app), NAVER Webtoon and SNOW. In 2018, NAVER was ranked as the 9th most innovative company by Forbes and top 6th Future 50 company by Fortune magazine.
More on The Californer
Media Contacts:
JungYoon Cha for NAVER: [email protected]
Kiel Hume for Wattpad: [email protected]
Justin Kranzl for WEBTOON: [email protected]
SOURCE Webtoon
Related Links
www.webtoons.com
LOS ANGELES, Jan. 19, 2021 /PRNewswire/ -- The Board of Directors of WEBTOON™'s parent company, NAVER, announced today that it has approved a definitive agreement to acquire leading social storytelling platform, Wattpad, in a cash and stock transaction valued at more than an estimated USD 600 million.
With the backing of Korean technology giant, NAVER, WEBTOON and Wattpad will collaborate to create a stronger and connected ecosystem across visual and textual storytelling content, with a combined reader base of over 160 million monthly users globally. WEBTOON's innovative monetization model and Wattpad's massive library of diverse stories will provide each prospective affiliate with new levers for growth, creating a stronger foundation to fund an aspiring generation of young, creative talent.
Webcomics and webnovels have already proven to serve as valuable source content for successful secondary works. WEBTOON's horror strip Sweet Home recently launched as a Netflix Original on December 18, 2020, ranking No. 1 in Korea and No. [3] globally for a Netflix TV show in [the month of December]. Wattpad has seen enormous entertainment success with published books, as well as TV, and film adaptations like the After franchise, Hulu's series Light as a Feather, and the hit Indonesian Vidio Originals series Turn On.
More on The Californer
- Upcoming River City Ball & Brawl Bundle Includes Kunio-kun's Basketball & Tournament Fighting
- Only 3 Weeks Left till the Start of the OpenSSL Conference 2025
- Sanguine Expands Oncology Biospecimen Offerings Through Strategic Clinic Partnerships
- ENTOUCH Completes $50 million Funding Round
- Teaming Agreement with Emtel Energy USA to Advance Thin-Film PV Energy Storage Capabilities; NASA agreements for Solar Space Tech; Ascent Solar $ASTI
"Wattpad joining WEBTOON under the NAVER umbrella will be a big step towards us becoming a leading global multimedia entertainment company," said NAVER WEBTOON founder and CEO, Jun Koo Kim. "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."
The transaction is subject to customary regulatory approvals and is expected to close within the first half of this year.
Kirkland & Ellis LLP and Stikeman Elliott LLP are acting as legal advisors to NAVER.
Note for media and analysts:
ABOUT WEBTOON
WEBTOON, a subsidiary of NAVER, is the world's leading digital platform for visual storytelling, with more than 72+ million global monthly readers. As the first modern digital publishing and self-publishing platform for digital comics, WEBTOON has revolutionized the way visual stories are created and consumed, allowing anyone to become a creator. WEBTOON is the No.1 app among 16-24 year olds in Korea and also is in the top tier among the same group in other countries, including the United States.
ABOUT NAVER
NAVER invests in the pursuit of transformation and innovation of technology platforms and is devoted to shared growth by connecting global users and partners. Founded in 1999, NAVER is Korea's largest information technology company. NAVER operates Korea's No.1 search engine and largest e-commerce platform, and is a leading provider of fintech services, digital content and cloud services to a global community. NAVER cultivates a culture of 'Founder-type leaders' who continue to launch innovative mobile applications, including LINE (Japan's No.1 messaging app), NAVER Webtoon and SNOW. In 2018, NAVER was ranked as the 9th most innovative company by Forbes and top 6th Future 50 company by Fortune magazine.
More on The Californer
- Nebuvex Acknowledges Platform "Too Secure" for Anonymous Traders; Institutional Investors Disagree
- From Tokyo to Berlin: FreeTo.Chat Unites Cultures with the World's First Confession VRX — EmojiStream™
- McKenzi Brooke Set to Electrify the Super Girl Surf Festival in Oceanside, California
- AZETHIO Launches Multi-Million Dollar User Protection Initiative Following Unprecedented Platform Growth
- Matecrypt Observes South American Cryptocurrency Adoption Surge Amid Economic Shifts
Media Contacts:
JungYoon Cha for NAVER: [email protected]
Kiel Hume for Wattpad: [email protected]
Justin Kranzl for WEBTOON: [email protected]
SOURCE Webtoon
Related Links
www.webtoons.com
Filed Under: Business
0 Comments
Latest on The Californer
- Lightning Motorcycle's Next-Gen Prototype Hits 174 MPH on Its Lowest Performance Setting
- Long Beach Health Department Launches Early Childhood Mental Health Program to Support Families and Childcare Providers
- Dane Flanigan joins Raymond James in Pasadena as Financial Advisor
- Governor Newsom announces appointments, including new California Air Resources Board Chair
- Legendary Mitchell-Hedges Crystal Skull Arrives in Beverly Hills
- NEW power supply release from Kepco Dynatronix - HSP Advanced
- St. Augustine Honors Hispanic Heritage Month
- WesternU researchers show Osteopathic Manipulative Treatment improves efficacy of COVID-19 vaccine
- Vesica Health Receives AUA Guideline Inclusion
- Steward's Plumbing Sponsors the 2025 Samson Challenge, Bringing Community, Fitness, and Fun Together in Albuquerque
- Machine Vision Products Unveils New Homepage at Visionpro.com
- Global biotech leaders Amgen and Gilead announcing expansions in California, the #1 state for life sciences
- California: Governor Newsom proclaims Latino Heritage Month
- MEDIA ALERT: Cisco's WebexOne Event Spotlights Global AI Brands and Ryan Reynolds, Acclaimed Actor, Film Producer, and Entrepreneur
- Patrick Perez Steps Beyond Crunchyroll to Shape the Next Wave of Streaming & Media Innovation
- Mesa West Capital Originates $43.5 Million Loan to Refi LA Area Apartment Community
- 10xLaw.com Extends Employment Opportunity to Kim Kardashian
- DecisionPoint Technologies Accelerates Growth with Acquisition of Acuity Technologies
- CCHR: Involuntary Commitment Is Eugenics Repackaged as "Mental Health Care"
- Pacsun Announces Industry First Pacsun Youth Advisory Council: Empowering Its Consumers as Co-Creators in Brand Strategy