Blackstone Take Big Stake In MagicLab, Herd Named CEO

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Shifting the dating-app landscape, Blackstone Group is taking a majority stake in MagicLab, the private-equity firm announced on Friday.

The transaction values MagicLab at approximately $3 billion.

MagicLab is best known as the parent company of “Bumble,” a popular service that sets itself apart from other dating apps by prioritizing the interests of its female users.

Per the deal, MagicLab founder Andrey Andreev is expected to sell his stake in the company to Blackstone and relinquish the CEO seat to Whitney Wolfe Herd, Bumble’s current CEO.

“My aim now is to ensure a smooth and successful transition before I embark on a new business venture in search of innovative leaders with new and exciting ideas,” Andreev stated on Friday.

Other MagicLab properties include Badoo, Chappy and Lumen, which caters to singles ages 50 and older.

Putting Bumble and other dating services on notice, Facebook recently expanded into the sector.

With the service — which was already available in 19 other countries – U.S. Facebook users can also integrate Instagram posts directly into their Dating profiles. By the end of the year, they should also be able to add Facebook and Instagram Stories to their profiles.

At present, approximately 200 million Facebook users publicly categorize themselves as “single.” Nearly anyone can use the new Dating service, regardless of their relationship status.

Research suggests singles use multiple dating services. For example, a recent report from mobile marketing firm Ogury found that most dating-app users (57%) have more than one service on their phones.

Click here to read the original article. This post first appeared on Media Post Dot Com. .

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