Los-Angeles-based TikTok rival Triller is reportedly in the middle of negotiations with what are described as “blank-check acquisition companies” about a possible merger in order to go public in the United States.
That’s according to a report published by Reuters on Sunday (October 11), which cites sources as saying that the short-form viral video firm “is working with investment bank Farvahar Partners as it negotiates a potential deal with a so-called special purpose acquisition companies (SPAC)”.
Reuters sources warned, however, that “no deal is certain”.
As Reuters notes, the potential move comes amidst Triller rival TikTok’s dilemma in the United States, where it faces ongoing pressure from the administration of US President Donald Trump.
At the end of September, the United States District Court for the District of Columbia granted a preliminary injunction against a ban on TikTok downloads from app stores in the US, which was scheduled to come into force at 23:59 on Sunday, September 27.
Walmart and Oracle received tentative approval from the US Government to strike a deal with TikTok parent ByteDance that would see those two firms buy a cumulative 20% stake in a newly formed company called TikTok Global.
Back in August, Triller officially joined this list of companies making a bid for TikTok, with Triller CEO Mike Lu confirming on August 28 that his company had made a bid for TikTok with backing from London-based investment firm Centricus Asset Management. Triller also sued TikTok for patent infringement in July.
Also in July, we learned that Triller was raising between $200m and $300m to fuel its expansion, having hit 50 million monthly active users around the world in June.
Triller has previously secured a roster of investors ranging from Snoop Dogg to Marshmello manager Moe Shalizi – might be spending a few dollars on marketing.
The company reports to have had more than 250 million downloads, with celebrities like Alicia Keys, Cardi B, Marshmello, Roddy Ricch and Eminem using the app.Music Business Worldwide