A group of investors, including former MoviePass Chairman Ted Farnsworth, who agreed to buy an 80% controlling stake in the Singapore video-sharing service Lomotif will pay about $125 million in the deal, according to people familiar with the matter.
The agreement with Zash Global Media and Entertainment Corp., announced this week without any disclosure of financial terms, marks one of the biggest exits by a tech startup in Singapore in recent years. With the acquisition of Lomotif, the financier behind once-popular subscription service MoviePass is now trying to disrupt the online video-sharing market dominated by the likes of ByteDance Ltd.’s TikTok and Kuaishou Technology.
