SEOUL -- Naver, South Korean's largest internet company, announced on Wednesday that it will acquire Canadian self-publishing platform Wattpad for $600 million as it looks to expand its digital contents business outside of Asia.
Naver said it will buy a 100% stake in Wattpad for 653 billion won ($595 million), to be paid in cash. Wattpad is the world's largest social storytelling platform, with more than 90 million users spending a total of 23 billion minutes per month on the site, according to the deal announcement.
