October 12, 2020 | technology | No Comments
TikTok rival Triller Inc. is in talks with blank-check acquisition companies about a merger that could take the company public, a media report said.
The video-production-focused social-media company is negotiating a possible deal with special purpose acquisition companies, Reuters reported.
Triller is working with investment bank Farvahar Partners, sources told Reuters.
SPACs, or blank-check companies, are publicly traded entities formed specifically to find and merge with operating companies.
Triller is also in talks with investors to privately raise as much as $250 million, Reuters reported. That effort, led by UBS, has so far secured $100 million at a $1.25 billion valuation, sources told Reuters.
Triller has said it seeks to capitalize on TikTok’s uncertain situation in the U.S. President Donald Trump’s administration has ordered TikTok’s Chinese parent, ByteDance, to shed the app due to concern that U.S. citizens’ personal data might be accessible to China’s communist government.
Tiktok has 100 million U.S. users and Triller has a fraction of that figure, Reuters reported. Triller told CNBC in early August that it had 65 million monthly active users on its app.
Triller is majority owned by Proxima Media, the Los Angeles film producer and distributor. Proxima was founded and is owned by Ryan Kavanaugh, the film producer and financier. Bobby Sarnevesht is executive chairman of Triller.