By Josh Beckerman

South Korean internet conglomerate Naver Corp. has agreed to buy storytelling platform Wattpad in a cash-and-stock deal estimated at more than $600 million.

Naver, owner of the Webtoon digital comics business, said the deal will result in a "stronger and connected ecosystem across visual and textual storytelling content, with a combined reader base of over 160 million monthly users globally."

Wattpad will remain headquartered in Canada under the continued leadership of founders Allen Lau and Ivan Yuen.

Wattpad previously raised $117.8 million from international investors in Asia, the U.S. and Canada. Its backers include Tencent Holdings Ltd.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

01-19-21 1904ET