The investor group led by Vinco Ventures, Inc. (NASDAQ: BBIG) and U.S.-based entertainment, content, and distribution company ZASH Global Media and Entertainment Corporation, who planned to acquire an 80% stake in TikTok and Kuaishou rival Lomotif Private Limited, will pay $125 million for the deal, Bloomberg reports.
Vinco and ZASH had inked a merger agreement last month to create and accelerate live-streaming content, video-sharing, distribution, and production.
ZASH is led by financier and former Moviepass Chairman Ted Farnsworth, Music.ly TikTok and Triller innovator Jaeson Ma, and early Triller visionary and board member Vincent Butta.
Lomotif CEO Paul Yang will continue to lead Lomotif upon the acquisition.
Investment bank BTIG represented ZASH on the buy-side of the transaction with Palladium Capital as fundraise advisor.
Price action: BBIG shares are up 1.09% at $2.8 on the last check Friday.
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