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 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. 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.
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.