Content aggregation app Toutiao snaps up video-sharing site Flipagram

Chinese online content aggregation app Toutiao announced it has acquired Flipagram, a US-based mobile video sharing and creation company, marking a significant step forward in Toutiao's global growth.

The deal will enhance Flipagram's network and help it distribute videos through Toutiao's content recommendation engine, while Toutiao, which has 175 million monthly active users in China, will acquire a flagship mobile video firm and its operations in the United States.

Flipagram will operate as an independent company and the two sides will further integrate their technology and products. Financial details of the acquisition were not announced.