South Korean look for huge Naver announced on Wednesday it has agreed to wholly obtain Canadian fiction platform Wattpad for 653 billion gained, close to $593 million.

Naver claimed it expects to near the deal within just the initial 50 percent of 2021.

Toronto-centered Wattpad, established in 2006, has above 90 million monthly buyers that expend more than 23 billion minutes a month on the platform. The company has printed all over 1,500 tales in the e book and movie formats.

Naver mentioned the acquisition would permit its very own digital comics publishing business, called Webtoon, to have more than 160 million month to month buyers and turn into the world’s major storytelling system business enterprise. 

Webtoon currently features more than 72 million month to month end users and has been seeking to broaden globally. In 2014, Webtoon started supplying its expert services in numerous languages, which includes English and Chinese. 

The acquisition of Wattpad will permit Naver to bolster its North American organization, the organization stated.

In addition, the South Korea look for big stated the business would be able to change fiction from Wattpad to comics to even more bolster its comedian small business.

In Oct, Naver was fined 26.7 billion received, close to 23 million, by South Korea’s Reasonable Trade Commission for manipulating its search algorithm to give preferential therapy to its personal companies and contents in excess of rivals.

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