NEW YORK -- Beijing Kunlun Tech has agreed to sell gay dating app Grindr to comply with orders from the U.S. government, which deems Chinese ownership of the Los Angeles-based company a national security risk.
Kunlun's board has approved the sale of Grindr for $608 million to an American investment holding firm, the company said in a Friday regulatory filing. The Shenzhen-listed company had poured $245 million into acquiring the Los Angeles-based company, for which it had plans for an initial public offering.
