FEMSA Cuts Jobs at Spin Fintech Unit, Refocuses Strategy on Oxxo Stores 
Delivery Hero Sells Taiwan Foodpanda to Grab for $600 Million in Debt-Reduction Push 
Berkshire Hathaway and Tokio Marine Form Major Strategic Insurance Partnership 
Goldman Sachs Raises Oil Price Forecasts Amid Strait of Hormuz Disruptions 
Xiaomi Shares Drop After SU7 Launch as Margin Concerns Weigh on Investors 
Air Canada Express Plane Collides with Ground Vehicle at LaGuardia Airport 
Tesla FSD EU Approval Delayed to April 10 as RDW Completes Final Review 
EA's $15B Debt Offering Draws $25B in Investor Demand Amid Credit Market Turmoil 
United Airlines Cuts Flights 5% Amid Soaring Fuel Costs From Iran War 
Jeff Bezos Eyes $100 Billion Fund to Transform Manufacturing With AI 
GE Vernova and Hitachi's $40 Billion SMR Investment Signals a New Era for U.S. Nuclear Energy 
Tesla Eyes $2.9 Billion in Chinese Solar Equipment to Power 100 GW U.S. Manufacturing Push 
U.S. Appeals Court Strikes Down FTC Order Against TurboTax "Free" Advertising 
Netflix Eyes South Korea for More Live Events as BTS Concert Livestream Approaches 
Palantir's Maven AI Earns Pentagon "Program of Record" Status, Reshaping Military AI Strategy 
Sinopec Posts 36.8% Net Profit Drop in 2025 Amid Weak Petrochemical Margins and Energy Transition Pressures 
Virgin Australia Adjusts Fares Amid Rising Aviation Costs and Middle East Tensions 
Naver Corp. announced this week that it is acquiring the social storytelling platform Wattpad. The online writing and reading site is based in Toronto, Canada, and there are over five million writers who are currently contributing their stories on the site.
Naver’s expansion through the acquisition of a new platform
Now Naver, South Korea's leading search engine and digital tech company, is buying the Wattpad to expand its own storytelling business. The company is also home to Webtoon, a popular platform for online comics reading, so by adding the Canadian site where writers can publish their stories, Naver will be able to offer a variety of reading materials to the public.
As per The Korea Herald, Naver’s acquisition of Wattpad is aimed at "strengthening its North American business and diversifying the global content business." It will also allow Wattpad to broaden its reach and continue to achieve growth and success on the global stage.
Then again, while Naver will now own the company, it will remain headquartered in Canada. It will also continue to be run under the leadership of its original founders Ivan Yuen and Allen Lau.
“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,” Seong Sook Han, Naver’s CEO, said. “Wattpad’s vision to entertain and connect the world through stories fits perfectly with our vision for Webtoon and Naver’s content brand. We’re thrilled to have them join the Naver family.”
About South Korea’s Naver
The company is considered as the South Korean version of Google. It is a search engine that also offers mobile services, including the mobile messenger called LINE, video messenger Snow and many more.
As mentioned earlier, it also created Webtoon that has millions of readers for its featured comics. It is home to various content created by the platform users, and Wattpad is expected to be Naver’s Webtoon counterpart that features fiction stories.
Finally, The Hollywood Reporter reported that Naver is expected to finalized and close the deal with Wattpad in the first half of this year.
