Parler, the conservative-geared social media app that mimics Twitter, has been acquired by Starboard, whom was formerly known as Olympic Media. Parler will join Starboard’s portfolio of right-leaning platforms, such as American Wire and BizPac review.
“Parler’s large user base and additional strategic assets represent an enormous opportunity for Starboard to continue to build aggressively in our media and publishing business. The team at Parler has built an exceptional audience and we look forward to integrating that audience across all of our existing platforms,” commented CEO of Starboard Ryan Coyne.
After acquiring the platform for an undisclosed sum, Starboard intends to “temporarily shut down” the platform as it conducts a strategic review and revamps the platform.
“No reasonable person believes that a Twitter clone just for conservatives is a viable business any more,” the company said in a statement. The reason for the purchase as a result appears to be murky at best, although the deal is expected to be accretive by the end of the current quarter.
The acquisition follows Parler expanding its operation last year with the acquisition of Dynascale, a private cloud services company, and rebranding to Parlement Technologies. “By refocusing on the cloud and IT infrastructure space (CEO) George Farmer has done an exceptional job at successfully leading Parlement into a critically important industry where it has already begun to excel,” commented its new owner.
Information for this briefing was found via Reuters and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
