Why Naver’s Wattpad and Webtoon Partnership is ‘A Whole New Wild Ride’

“You take two companies that are driven by fans and creators…we are quite literally doubling the power,” says Wattpad Studios head Aron Levitz

Wattpad executives are hailing potential collaborations with Webtoon under the umbrella of South Korea’s internet conglomerate Naver as “a whole new wild ride” for both companies.

Naver acquired text-based storytelling platform Wattpad in a cash and stock transaction valued at more than $600 million, with the deal closing earlier this month. Wattpad and Webtoon, digital home to thousands of cartoon stories, reach a combined global audience of 160 million people, according to a company statement.

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Diane Haithman

Senior Entertainment Business Reporter • diane@thewrap.com • @dhaithman