ZASH to amass majority stake in Singapore-based video-sharing community Lomotif
ZASH International Media and Leisure Company (ZASH) has entered right into a definitive settlement to amass a majority controlling curiosity in Lomotif Non-public Restricted (Lomotif), the Singapore-based video-sharing social networking platform and budding rival to TikTok, and Kuaishou.
The monetary phrases of the deal weren’t disclosed.
The closing of the Lomotif acquisition by ZASH is scheduled to happen concurrently with the closing of ZASH’s merger and enterprise mixture with Vinco Ventures, Inc., which was beforehand introduced in a joint press launch in January 2021.
Upon completion of the merger between ZASH and Vinco, ZASH will change into a public firm and controlling shareholder of Vinco, making Lomotif one of many high world, pure play video-sharing social networking platforms to be owned by a US publicly traded firm, competing with TikTok and Kuaishou within the house, the corporate stated in an official assertion.
Lomotif founder and chief govt officer, Paul Yang, will proceed to steer Lomotif upon completion of the acquisition. “With the partnerships, ZASH has in place and has deliberate, we’re a pure match. As an rising participant in consumer generated video creation, we’re excited to be a part of ZASH’s total content material and distribution plans and techniques and are trying ahead to accelerating development and adoption of Lomotif worldwide,” Yang, stated.
“Lomotif is the important thing piece of the ZASH technique to merge the best-in-class media, leisure and content-focused expertise firms globally. The platform is enjoyable and fascinating and its options are distinctive and progressive. We sit up for increasing the platform within the US market and round the remainder of the world,” Ted Farnsworth, co-founder, ZASH, added.
“In in the present day’s world of mass consumption of short-form content material, we see Lomotif’s addition to the ZASH household as an unimaginable alternative to leverage our content material in all codecs and broaden our distribution platform worldwide,” Jaeson Ma, co-founder, ZASH, said.
Learn Additionally: AkzoNobel appoints Mullen Lintas as its artistic company in India
Observe us on Twitter, Instagram, LinkedIn, Fb
#ZASH #purchase #majority #stake #Singaporebased #videosharing #community #Lomotif