Chinese Tech Company to Buy Grindr in Full

Thursday May 25, 2017

A Chinese technology company that previously took stake in the gay dating app Grindr announced it will buy the social media service in full, South China Morning Post reports.

The newspaper calls Beijing Kunlun Tech "a little-known Chinese tech company," noting it will pay $240 million USD for Grindr so "it can become fully involved in the daily it expands and builds a loyal user base beyond China."

The company is owned by billionaire game developer Zhou Yahui, 38, and said Wednesday it plans to pay $152 million USD to buy the remaining 38% stake in the app that it does not own. Kunlun paid about $88 million USD for 62% stake in Grindr last year, according to South China Morning Post. Forbes, however, reported the company paid $93 million USD at the time.

"It is of strategic importance for us to fully engage in the daily operations of Grindr and make it our development milestone," Kunlun said in a statement. "[With the deal,] we also aim to be a world leading social media company in the future, and to expand our platforms into film, streaming and animation."

South China Morning Post writes: "The takeover comes at a time when China, the world's most populous nation but lagging the West in achieving equal legal status for its homosexual citizens, is cultivating a lucrative industry catering to the social needs of the gay community."

According to Forbes, Yahu is worth $2.2 billion USD and calls Kunlun "one of China's biggest web game developers and operators." Yahu made headlines last year when he agreed to pay his wife $1.1 billion in a divorce settlement.

Comments on Facebook