Lomotif founder and chief executive officer, Paul Yang, will continue to lead Lomotif upon completion of the acquisition
ZASH Global Media and Entertainment Corporation (ZASH) has entered into a definitive agreement to acquire a majority controlling interest in Lomotif Private Limited (Lomotif), the Singapore-based video-sharing social networking platform and budding rival to TikTok, and Kuaishou.
The financial terms of the deal were not disclosed.
The closing of the Lomotif acquisition by ZASH is scheduled to occur concurrently with the closing of ZASH’s merger and business combination with Vinco Ventures, Inc., which was previously announced in a joint press release in January 2021.
Upon completion of the merger between ZASH and Vinco, ZASH will become a public company and controlling shareholder of Vinco, making Lomotif one of the top global, pure play video-sharing social networking platforms to be owned by a US publicly traded company, competing with TikTok and Kuaishou in the space, the company said in an official statement.
Lomotif founder and chief executive officer, Paul Yang, will continue 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, said.
“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, stated.