Naver Funds Merge of Wattpad and WEBTOON Studio Divisions to Form Wattpad WEBTOON Studios
June 24, 2021
Naver is committing USD $100 million to finance the newly created Wattpad WEBTOON Studios, a merger of Wattpad Studios and WEBTOON Studios that combines both companies' IP libraries and audiences to develop TV, film and book adaptations. The new global studio, led by Aron Levitz as President, will unify entertainment development and production across WEBTOON and Wattpad's catalogs to scale IP-driven content worldwide.
- Buyers
- Naver
- Targets
- Wattpad, WEBTOON
- Industry
- Media & Entertainment
- Location
- Ontario, Canada
- Transaction Type
- Growth capital
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