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Friday, Oct 7, 2022

Triller May Be Preparing for IPO

It has been a busy year for Century City-based social media company Triller Inc., and multiple reports suggest that the months ahead could include plans for an initial public offering.

Rumors have been swirling about the company’s IPO plans since Reuters reported in October that Triller was considering offers from multiple blank-check companies to go public via a reverse merger.

Dot.LA reported on Dec. 1 that Triller was pursuing an acquisition of one of its existing business partners that could secure additional revenue and, in turn, enhance the company’s valuation prior to a public offering.

As of October, the company was valued at $1.25 billion, according to Pitchbook Data Inc., though Dot.LA reports that talks between Triller and at least three special purpose acquisition companies have centered on a valuation between $3 billion and $6 billion.

A spokesperson for the company declined a request for comment.

Triller has benefited from President Donald Trump’s attempts to ban rival app TikTok and the resulting uncertainty about the app’s future in the United States. Triller reported it had climbed to the top of U.S. app store charts at the beginning of August, days before Trump signed an executive order directing TikTok’s Beijing-based parent company, ByteDance Ltd., to sell the app to an American business.

The company has taken on TikTok in court as well as in the app store. Triller filed a lawsuit against TikTok in July, alleging patent infringement. TikTok in turn filed a countersuit against the company in October.

Triller’s parent company, Proxima Media, was founded by film producer Ryan Kavanaugh, and the app’s profile has been raised partly through partnerships with Hollywood celebrities and social media influencers.

In November the company hosted a well-publicized boxing match between Mike Tyson and Roy Jones Jr. And on Dec. 2, Triller announced it would partner with rapper (and early Triller investor) Snoop Dogg on the creation of a new boxing league.

On the same day, PepsiCo Inc. announced plans to produce a hip-hop talent competition with rapper Fat Joe that will stream exclusively on the Triller app.


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