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Silicon Beach Report Feb. 16: Tinder Acquires Snapchat-Like App Wheel

Tinder acquires Snapchat-like app Wheel, Snap Inc. aims to raise as much as $3.2 billion in IPO, and Disney’s Maker Studios is eyeing layoffs.

Tinder Acquires Snapchat-Like App Wheel

Tinder announced on Thursday that it had acquired Wheel, a video-and-picture slideshow app developer, for an undisclosed amount, reports the Business Journal. The Wheel app helps users string together a series of pictures and videos, as well as overlay graphics, similar to Snapchat stories.

Snap Inc. Aims to Raise as Much as $3.2B in IPO

Snap Inc. will offer 200 million shares for $14 to $16 apiece, giving the company a valuation for $16.2 billion to $18.5 billion, reports Bloomberg. That valuation is down from the market value of $20 billion to $25 billion the company was eyeing in November, according to sources.

Disney’s Maker Studios Is Eyeing Layoffs

Maker Studios, Walt Disney Co.’s online media subsidiary, is eying layoffs, reports Variety. Disney bought Culver City- based Maker Studios in 2014 for $675 million and has been slowly integrating the company into its corporate structure.

Send tips on L.A. tech companies and startups to reporter Garrett Reim via greim@labusinessjournal.com. Follow @garrettreim on Twitter for the latest in L.A. tech news.

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