Reddit acquires TikTok rival, video sharing app Dubsmash

Reddit said on Sunday that it has acquired New York-based video sharing social media service Dubsmash, becoming the latest company to venture out in a space dominated by Chinese-owned Tik Tok.

The company has not yet disclosed the financial terms of the deal. However, a spokeswoman for Reddit said that the acquisition was based on a combination of cash and stock.

Reddit said in a blogpost, "Dubsmash will bring two key strengths to Reddit. First, Dubsmash's mission is unique among social platforms, and is aligned with Reddit's own mission of bringing community and belonging to everyone in the world. Second, we will integrate Dubsmash's innovative video creation tools into Reddit, which will empower Reddit's own creators to express themselves in original and authentic ways that are endemic to our communities."

Reddit said that it would give its users, who can already upload and stream videos, access to Dubsmash's editing and short-video creation tools.

It said in the blogpost, "While Dubsmash will maintain its own platform and brand, we also look forward to bringing our teams together to combine the unique creator experience of Dubsmash with the community growth engine of Reddit."

Steve Huffman, the CEO of Reddit said that "Both Reddit and Dubsmash share a deep rooted respect for how communities come together,"

He added, "Dubsmash elevates under-represented creators, while Reddit fosters a sense of community and belonging across thousands of different topics and passions. It's clear that our missions closely align and that our community-focused platforms can coexist and grow as we learn from each other."