ZASH Global Media and Entertainment Corporation (ZASH) has entered right into a definitive settlement to acquire a majority controlling curiosity in Lomotif Private Limited (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 develop into a public firm and controlling shareholder of Vinco, making Lomotif one of many high international, pure play video-sharing social networking platforms to be owned by a US publicly traded firm, competing with TikTok and Kuaishou in the house, the corporate stated in an official assertion.
Lomotif founder and chief government officer, Paul Yang, will proceed to lead Lomotif upon completion of the acquisition. “With the partnerships, ZASH has in place and has planned, we’re a natural fit. As an emerging player in user generated video creation, we are excited to be part of ZASH’s overall content and distribution plans and strategies and are looking forward to accelerating growth and adoption of Lomotif worldwide,” Yang, stated.
“Lomotif is the key piece of the ZASH strategy to merge the best-in-class media, entertainment and content-focused technology companies globally. The platform is fun and engaging and its features are unique and innovative. We look forward to expanding the platform in the US market and around the rest of the world,” Ted Farnsworth, co-founder, ZASH, added.
“In today’s world of mass consumption of short-form content, we see Lomotif’s addition to the ZASH family as an incredible opportunity to leverage our content in all formats and broaden our distribution platform worldwide,” Jaeson Ma, co-founder, ZASH, said.