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ZASH Global Media, Vinco Ventures Complete Acquisition Of TikTok Rival Lomotif.
The merger makes Lomotif one of the top global pure-play video-sharing social networks owned by a public U.S. company.
Lomotif currently has content deals with Instagram, Facebook, and Snapchat $FB $SNAP
The combination creates a portfolio of powerful media and entertainment combined with one of the top short-form video platforms. The company will have short-form videos combined with user-generated content.
Lomotif has 31 million on-platform monthly active users and over 225 million downloads in over 200 countries. Over 300 million videos are watched on Lomotif each month, according to the companies.
A valuation shows the value of the combined ZASH and Lomotif units at $5 billion based on SensorTower data.
Lomotif will change its name to LoMo and complete a full rebranding and repositioning campaign in North America.
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