By Alexei Oreskovic and Sarah McBride SAN FRANCISCO (Reuters) - Tango, the mobile messaging company, is arranging a financing transaction that would value its business at around $1.5 billion, roughly one-third more than the valuation it received just five months ago, according to three people familiar with the situation. Tango’s transaction would involve early investors and shareholders selling shares to Ukrainian-born billionaire Len Blavatnik, who wishes to increase his stake, and potentially others, according to one of the people. Blavatnik, who owns Warner Music Group, first invested in Tango in 2011, when he led a $42 million funding round that valued the company at $160 million. Tango co-founder Eric Setton declined to comment on the company's valuation. A spokesman for Blavatnik declined to comment. The people cautioned there was no deal yet, and it was unclear how many existing investors would want to sell in a secondary transaction. One person familiar with the matter said the investment would likely involve tens of millions of dollars worth of Tango shares. Last month, Tango announced a secondary offering of $8 million that allowed 200 employees to sell shares. It was unclear whether the new transaction would be an extension of that July secondary offering. Tango, with more than 200 million registered members, is among the new crop of fast-growing mobile messaging services. The enthusiasm for such services was made clear in February when social network Facebook Inc announced plans to spend $19 billion to acquire WhatsApp. Weeks later, Tango raised $280 million in a direct investment led by Chinese Internet commerce company Alibaba Group. That financing round valued Tango at $1.1 billion. Hot technology companies are growing their valuations more quickly as investors clamor for pieces of fast-growing companies that show no signs of holding initial public offerings. "We’re in a world where when something gets hot everyone wants in. It drives the valuation up and makes it easier for people to get liquidity," said one of the people with knowledge of the situation. Completing a secondary transaction around a big financing round is becoming standard practice in Silicon Valley. Companies are staying private longer, so employees and other early investors often seek to cash out before an IPO. Tango has forged closer ties with the entertainment industry as it expands its mobile messaging service into a social network-like feed that lets users play video games, watch video clips and listen to music. The company struck a deal with streaming music service Spotify in 2013 that integrates Spotify’s music catalog into Tango’s service. It introduced special “channels” earlier this year to highlight content from various media partners. Tango’s media push dovetails with Blavatnik’s interests. Blavatnik paid $3.3 billion to acquire Warner Music Group in 2011, adding to holdings in chemicals, real estate and technology. Blavatnik had been a director at Warner Music since 2004. He bought Warner’s then CEO Edgar Bronfman Jr's house in 2007 for $50 million, 11 times what Bronfman Jr had paid for it 12 years earlier. (Reporting by Sarah McBride)
Rep. Lauren Boebert's neighbors called 911 after her husband ran over their mailbox 'looking to fight'
"There's about to be some s— going down here," one neighbor said in 911 calls. "It's Lauren Boebert's jackass husband, Jayson Boebert."
- In The Know by Yahoo
TikTokers were shocked by what this mom uncovered in the toddler clothes section.
Actress Anne Heche has died. The 53-year-old actress was in a devastating car accident on Friday, August 5, that left her in a coma. Her family had issued a statement shortly before her death to inform the public that the “Six Days, Seven Nights” actress was not expected to survive after experiencing a catastrophic brain injury caused […]
The far right is calling for civil war after the FBI raid on Trump's home. Experts say that fight wouldn't look like the last one.
"People's sense of the civil and civic ways of resolving disputes" is "out the window," Fiona Hill told Insider, warning of the potential for "civil conflict."
Trump's latest defense for Mar-a-Lago documents is everyone 'brings home their work from time to time' and the files were automatically declassified
Trump's statement on the Mar-a-Lago documents was featured on Fox News. He claimed a "standing order" declassified files "the moment" they left the Oval Office.
- Women's Health
Alicia Silverstone revealed her epic abs and legs in a bikini while on vacation in an Instagram photo. She stays active by walking, dancing, and doing yoga.
- The Hill
Republicans, including Greene, have repeatedly accused the Justice Department of going after Trump for political reasons.
"Alarm has grown when you talk to advisers of the former president," Washington Post reporter Josh Dawsey tells MSNBC.
- Business Insider
Trump doesn't deny taking classified nuclear documents from the White House while baselessly accusing Obama of the same thing
Trump baselessly said Obama "kept 33 million pages of documents, much of them classified," suggesting that "lots" of them "pertained to nuclear."
- Rolling Stone
Republicans in Congress and the conservative media are plum out of talking points following the revelation that the FBI may have been searching for material pertaining to national security
Some Republicans express concern about Trump reportedly taking documents about nuclear weapons to Mar-a-Lago, even as they bash the FBI
One House GOP lawmaker said the severity of what Trump may have done could depend as not all nuclear information is "highly, highly" classified.
Gang of female shoplifters stole thousands of dollars worth of men's Nike boxer shorts from Kohl's stores, investigators say
Police say a gang of female shoplifters has stolen thousands of dollars worth of Nike men's boxers from Kohl's stores in Georiga, per Fox 5 Atlanta.
Trump baselessly bashed Obama for transferring records from the White House to Chicago. Here's why Obama was allowed while Trump is under scrutiny by the FBI.
The National Archives took it upon itself to dispel Trump's claims on Friday.
- Rolling Stone
"Nuclear weapons issue is a Hoax, just like Russia, Russia, Russia was a Hoax," the former president raged on Truth Social
- The Recount
Fox News' Steve Doocy to House GOP Chair Stefanik on nuclear documents reporting: "That's kind of a big deal!"
Fox News' Steve Doocy said to House GOP Chair Stefanik that reports the FBI were seeking to retrieve classified nuclear documents from Mar-a-Lago is: "kind of a big deal!". President Trump overnight said that he encouraged the judge who authorized the search to release both the warrant and the list of items sought in the search.
- AZCentral | The Arizona Republic
Federal sources tell Newsweek what happened at Mar-a-Lago: The FBI truly thought this wasn't going to be a big deal. Whoops.
- Palm Beach Daily News
Cerabino column: A whimsical look at how Donald Trump may monetize the FBI search of Mar-a-Lago
- E! News
After Tom Brady missed the Tampa Bay Buccaneers' team practice on Aug. 11, head coach Todd Bowles said the NFL quarterback will be taking time away from the team. Find out when he'll return.
- USA TODAY
Roger Stone was kept under house arrest and was about to report to prison when Trump commuted his sentence in 2020.
"Garland is playing chess. Donald can only play checkers," Donald Trump's niece said.