Chinese gaming company Beijing Kunlun Tech is expected to buy out dating app Grindr.
In January 2016 it was announced that Beijing Kunlun Tech had bought a 61.5% stake in Grindr for $93m, which valued the company at $155m.
It was said at the time that the remaining 38.5% would continue to be owned by Grindr employees and its founder Joel Simkhai, who created the app back in 2009.
However, it has now been revealed that Beijing Kunlun Tech will be buying the 38.5% share for $152m, to own a 100% stake in the dating brand.
Reports have said that this move will offer advertising and marketing opportunities for Beijing Kunlun Tech, which can target the dating app’s 3m+ daily users.
Recently, Grindr has been working to evolve into more of a lifestyle brand.
In August last year, Grindr teamed up with Print All Over Me (PAOM) to launch its very first fashion line, which includes items like tops, swimwear, sweatshirts, outerwear, jockstraps, bandanas, bags and other items.
The fashion line was designed to reference both queer pop-culture and Ancient Greek motifs.
Earlier this year, Grindr released a new media website called Into, that serves up a variety of different cultural content, ranging from short films about gay culture, lists of new music videos, interviews with upcoming fashion designers to date tips.
And in March it was announced that Grindr had hired British writer Max Wallis as its poet-in-residence, to write and release monthly poems about the app’s essential themes.
It is unclear when the buy out by Beijing Kunlun Tech will be completed.