Wattpad acquired for $600 million by South Korean firm Naver

Story-telling platform Wattpad has been acquired by South Korean conglomerate Naver in a $600 million cash-and-stock deal. Wattpad will continue to operate independently after the acquisition and its Co-founders Allen Lau and Ivan Yuen will lead the company. Naver owns Webtoon, a publishing platform that features comic strips created by users as well as the messaging app Line.