Tron (TRX) acquires BitTorrent, Litecoin’s Charlie Lee compares purchase to AOL-TimeWarner
Tron (TRX) recently acquired BitTorrent for $140 million. Crypto world cannot stop talking about the interesting news. In fact, Litecoin’s founder Charlie Lee commented a few hours back that the purchase of BitTorrent by Tron.
He said that it reminded him of the sale of media company Time Warner to AOL. He further went on to say that he didn’t mean anything negative by hinting at the comparison. He tweeted that he does not hate Tron. Instead, he thought that at that time, AOL’s move of purchasing Tron was “very smart.” Moreover, the high valuation of AOL allowed it to buy a company with such a “solid business model.” It was just “new media buying up old media.” And, those are the similarities he noticed and that’s why compared the two.
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The supposed compliment seems to be a bit odd, as Lee in the month of January described Tron as “extremely hyped” and “without a lot of substance.” However, he insisted that is talking about the movie. Moreover, even on this occasion when he was asked what he thought Tron would do with BitTorrent, he replied that he doesn’t know and doesn’t really care. It is to be noted that AOL-Time Warner merger was recently described by the New York Times as “one of the most ill-fated marriages in the history of the media and technology business.” Well, Tron and its supporter will hope to avoid such an epitaph for their current acquisition.
For some reason, this reminds me of the time when AOL bought Time Warner. ? https://t.co/9MIjKXnTA8
— Charlie Lee [LTC⚡] (@SatoshiLite) June 20, 2018
Reportedly, Tron founder Justin Sun started talking about BitTorrent acquisition around September, last year. The letter of intent to acquire it was signed in January. The deal was however held up as BitTorrent started talking to additional bidders. It led Sun to file a temporary restraining order mentioning that BitTorrent agreed to not pursue any other offers. Later, he dropped the lawsuit and went ahead to register a company known as Rainberry Acquisition Inc. Strangely, BitTorrent also changed the name of its corporate entity to Rainberry Inc. around the last year’s beginning. Variety reported last week that a week before the acquisition has been closed and staff has been notified of the deal.
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