Bennett Coleman & Co, Globe Telecom and Tencent are set to exit the story sharing community operator in a cash-and-stock acquisition transaction by Naver.
Internet company Naver has agreed to acquire Wattpad, a Canada-based written content sharing platform backed by corporate investors Bennett Coleman & Co, Globe Telecom and Tencent, for more than $600m.
Founded in 2006, Wattpad has built an online community with more than 160 million monthly users that allows members to upload and distribute written works of fiction. The platform hosts some 350,000 original stories.
The cash-and-stock deal will involve the company merging with Naver’s digital comic distributor subsidiary, Webtoon, combining…
