Facebook and Snap have both reportedly held talks with Dubsmash, a lip-syncing short-form video app and rival to TikTok, about a possible acquisition.
The discussions took place in recent weeks and the parties reached the point of talking a price in the “hundreds of millions of dollars”, reports The Information. Despite the talks progressing to that stage, both Facebook and Snap are no longer in conversation with Mobile Motion, Dubsmash’s developer.
Dubsmash, along with other TikTok competitors like Triller and Byte, has seen a surge in downloads in response to the possibility of TikTok being banned in the US. TikTok is currently facing the prospect of being blocked in the US after President Donald Trump signed an executive order that would prohibit any US individual or company from doing business with TikTok or its parent company, ByteDance. However, its highly unlikely TikTok will actually be banned in the US, particularly with discussions ongoing with companies including Microsoft and Twitter about purchase acquisition of its US business.
At the same time, Facebook and Snap have recently taken inspiration from TikTok with some of their latest features. Facebook launched Reels on Instagram, while Snap began testing a music overlay feature on Snapchat.
Full Content: The Information, Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
T-Mobile’s Acquisition of Ka’ena Corporation Receives FCC Approval
Apr 26, 2024 by
CPI
UK Regulator Announces Two New Senior Executive Appointments
Apr 26, 2024 by
CPI
Paramount Global and Skydance Media Near Merger Deal, Eyeing CEO Change
Apr 26, 2024 by
CPI
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI