Triller acquires FITE
April 15, 2021
By Nik Roseveare
TrillerNet, parent company of the short video social app Triller, has acquired FITE, the global live-event and PPV, SVoD and AVoD and streaming platform for sports and entertainment.
Triller says the deal gives its a major foothold in the live-event PPV and streaming space, greatly expanding the reach of its AI-powered content and distribution ecosystem and allowing the company to continue to invest in new lifestyle and entertainment programming.
“FITE has been a fantastic partner, and the synergy between the two businesses and teams was clear from day one,” said Bobby Sarnevesht, Chairman and Co-owner of Triller, and Ryan Kavanaugh, Co-owner of Triller, jointly. “With our acquisition of FITE, we bring into TrillerNET their stellar technology, valuable customer and content partner base, and one of the most experienced executive teams in this space. The deal represents our ambitions to not only expand Triller Fight Club and grow FITE’s distribution relationships, but also to reimagine what, how and when premium music, sports and entertainment is delivered to today’s audiences.”
“With over 10 million users, FITE is the perfect long-form platform for Triller to continue releasing its cultural content spanning fighting, sports, fashion, music and pop culture,” continued Kavanaugh. “We have officially completed our 360-degree content engine with this acquisition.”
“Triller has an exceptionally visionary executive team that is revolutionising the world of sports and entertainment. We are very excited to be a part of and play a role in this process,” added Kosta Jordanov, FITE Co-Founder and CEO. “As part of the TrillerNet, FITE will become the exclusive global digital distributor of all Triller Fight Club events going forward, and this content relationship is planned to expand in exciting new ways. We will continue to work with and serve all our content partners, and we look forward to bringing Triller’s significant user base and promotional clout to all the major events we carry on the FITE platform.”
The FITE acquisition is the latest major move for TrillerNet, which on March 9th acquired live-music streaming platform Verzuz, the live streaming music platform founded by music stars Swizz Beats and Timbaland. TrillerNet also owns Triller Flight Club, a live-event platform in partnership with Snoop Dogg that reimagines boxing as four-quadrant entertainment, and TrillerTV, a long-form content streaming platform with more than 65 original half-hour digital series from trendsetters such as Jennifer Lopez, The D’Amelio Family, 2 Chainz, Jake Paul, Perez Hilton and others.
Alantra acted as a financial adviser to FITE for the transaction.