Key Highlights :
Parler, a social media app popular with U.S. conservatives, was sold to digital media conglomerate Starboard for an undisclosed sum and will be shut down temporarily to give its new owner time to roll out a revamped version of the platform.
The app, which was founded by two conservative activists in 2013, was acquired by Starboard in a deal announced on Thursday. Parler had about 10 million monthly active users and had raised about $40 million in venture capital.
"We believe that the conservative community is the fastest-growing segment of online users and that there is significant opportunity to build a leading platform for this community," said Starboard CEO Jeffrey Smith in a statement. "We are committed to working with the Parler team to ensure a smooth transition for its users and to bring the best of Parler to the broader online community."
Parler was known for its messaging app that allowed users to communicate anonymously. It also offered a news section and a forum for discussing politics and news.
The app was criticized by some users for its conservative bent and for its promotion of conspiracy theories. In August, Parler was the subject of a report in The Daily Beast alleging that the app was used by Russian agents to spread disinformation during the 2016 U.S. presidential election.
"This is a sad day for conservatives," said Matt Schlapp, chairman of the American Conservative Union, in a statement. "Parler was a great app that helped people communicate and debate ideas. I hope the new owners will keep it that way."
The shutdown of Parler is the latest in a string of high-profile tech acquisitions by Starboard. In January, the company acquired video platform Vessel for $250 million. And in March, it acquired messaging app Kik for $1 billion.