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Grindr's Chinese owner says to sell social media app for $608 Million

West Hollywood, CA (#GayWeHo Los Angeles & West Hollywood) — West Hollywood based Grindr's Chinese owner says to sell social media app for $608 million to investor group San Vicente Acquisition LLC.

Chinese gaming company Beijing Kunlun Tech Co Ltd said on Friday that it has agreed to sell Grindr LLC, a popular gay dating app it acquired in 2016, for about $608.5 million.

The deal comes after a U.S. government panel asked Kunlun to divest itself of Grindr. The panel, the Committee on Foreign Investment in the United States (CFIUS), has not disclosed its concerns about Kunlun's ownership of Grindr.

However, the United States has been increasingly scrutinizing app developers over the safety of personal data they handle, especially if some of it involves U.S. military or intelligence personnel.

Source: gay_losangeles, full story

 

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