American Social network firm, Reddit has on Sunday disclosed that it would buy a short-video platform, Dubsmash, expanding to compete with Chinese-owned TikTok. According to Reuters, Reddit said the terms of the acquisition were based on a combination of cash and stock.
Since the introduction and success of ByteDance's TikTok, other social media platforms have rolled out similar short-video tools on their platforms, Instagram launched "Reels" earlier this year and Snapchat rolled out "Spotlight" in November.
After the acquisition is concluded, Dubsmash' would maintain its platform and brand while the entire team including co-founders will join Reddit.
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