China’s Toutiao Buys California’s Flipagram
(Beijing) — A highflying Chinese news-aggregation app has acquired the popular U.S. video-creation platform Flipagram, making a further foray into foreign markets as competition at home intensifies.
News-distribution app Jinri Toutiao acquired the Los Angeles-based video startup for an undisclosed amount, according to a statement released on Wednesday.
The tie-up will allow Flipagram to use Toutiao’s technology to provide tailored videos for its users and gain access to Toutiao’s 175 million monthly active users.
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