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Exclusive: TikTok rival Triller explores deal to go public - sources

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Triller Inc, a budding competitor to popular short-video app TikTok, is in discussions with blank-check acquisition companies about a merger which would take the U.S. social media company public, according to people familiar with the matter.

FILE PHOTO: Ryan Kavanaugh, Relativity Media CEO, during the Milken Institute Global Conference in Beverly Hills, California April 27, 2015. REUTERS/Mario Anzuoni/File Photo

Triller is working with investment bank Farvahar Partners as it negotiates a potential deal with a so-called special purpose acquisition companies , the sources said. A SPAC is a shell company that raises money in an initial public offering to merge with a privately held company which then becomes publicly traded as a result.

The sources cautioned that no deal is certain and asked not to be identified because the negotiations are confidential.SPACs have emerged as a popular IPO alternative for companies this year, providing a path to going public with less regulatory scrutiny and more certainty over the valuation that will be attained and funds that will be raised. U.S. SPACs have raised $53.

Triller is owned by media industry veteran Ryan Kavanaugh and healthcare executive Bobby Sarnevesht. Kavanaugh in 2004 founded U.S. film studio Relativity Media LLC, whose films included the award-winning “The Fighter”. The studio ended up filing for bankruptcy twice, in 2015 and 2018.

 

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