Grindr's Chinese owner to sell gay-dating app by 2020
[WASHINGTON] The Chinese owner of Grindr is required to sell the popular gay-dating app by June 2020 under an agreement with US officials who raised national security concerns about the app's ownership.
Beijing Kunlun Tech said in a statement Monday that it reached a May 9 agreement that prohibits the company from accessing information about Grindr's users and requires the sale of the app before June 30, 2020.
Grindr also won't be able to transmit any sensitive information to any entities based in China.
The national security agreement was reached with the Committee on Foreign Investment in the US, which vets overseas acquisitions of American businesses for risks to national security.
Among the risks the panel considers is whether a deal gives foreigners access to sensitive information about US citizens.
Kunlun completed its acquisition of Grindr in January 2018 and said on April 1 that it was in talks with Cfius about the app.
If Kunlun doesn't manage to sell Grindr by the June 2020 date, it would sign the app over to a trustee, under terms of the agreement with Cfius.
BLOOMBERG
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Swiss watch exports plunge as China and Hong Kong demand dries up
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO
Billionaires selling cheap stuff get richer from inflation pain
Amazon to push cashierless shopping tech into more third-party stores, while backing off itself
Japan’s Uniqlo opens Rome store as part of European expansion
Abbott beats quarterly profit estimates on strong medical device sales