Vinco Ventures, Zash Acquire 80% Stake In TikTok Rival Lomotif For $125M: Bloomberg

·1 min read
  • 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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