Wattpad in talks for US$500-million-plus sale: Report


The Toronto-based company received an unsolicited bid from a U.S. internet firm and has since invited other offers over the fall, a source told The Globe and Mail. The platform allows users to post and read most stories for free, some of which it licenses on behalf of creators to book publishers and film and TV studios, or puts out itself. “We don’t have any news to share at this time,” spokesperson Kiel Hume told The Logic via email. (The Globe and Mail, The Logic)

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Talking point: Wattpad has been expanding both internationally and domestically, striking deals with local media partners to enter new markets in Asia and Europe and opening a second headquarters in Halifax. The company raised US$48.7 million from backers led by Chinese tech giant Tencent in January 2018 and received an investment of undisclosed size from India’s Times Group in March 2019, Pitchbook data shows. Competitors like Berlin’s Inkitt and Archive of Our Own are much less well funded, or operate as non-profits.