Naver Acquires 653.3 Billion KRW Worth of Shares in Canadian Web Novel Platform

[Asia Economy Reporter Lee Seon-ae] Naver announced on the 20th that it will acquire 248,543,779 shares of the Canadian web novel platform service and related IP publishing and other production company 'Wattpad' for approximately 653.3 billion KRW. After acquiring the shares, the stake will be 100%. Naver explained, "We acquired these shares to diversify our global content business and strengthen our North American operations."