Wattpad, Webtoon merge studios

Canada-based digital storytelling platform Wattpad is merging its studio division with that of digital comics platform Webtoon, following the acquisition of Wattpad by Webtoon’s owner Naver last month.

Aron Levitz

South Korean internet conglomerate Naver purchased Wattpad in May for US$600m, aligning Wattpad with Webtoon.

The two businesses have now merged their studio arms to create Wattpad Webtoon Studios, under the leadership of Wattpad Studios chief Aron Levitz as president.

Webtoon Studios’ head of film and television Taylor Grant will lead the Webtoon entertainment portfolio, with Wattpad’s head of content development and production Eric Lehrman leading Wattpad’s entertainment portfolio. Wattpad’s Hong Kong lead Dexter Ong will head international business for the merged entity.

Wattpad Webtoon Studios has more than 100 TV and film projects in development or production with partners around the world and will receive US$100m from Naver for further development and production financing.

“We’re bringing a new era of diverse voices and incredible IP to audiences and an industry looking for both. Businesses are spending billions of dollars to capture the last 100 years of IP. We’re looking to the future, with hundreds of millions of new stories to power the next 100 years of hits on screens and bookshelves,” said Levitz.