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Facebook Tried To Buy Asian Snapchat Clone Snow (techcrunch.com)
Jon Russell, reporting for TechCrunch:Here's fuel to the fire for those who believe that Facebook will buy anything that looks, smells or moves like Snapchat. The U.S. social networking giant this summer made an unsuccessful bid to acquire Snow, a Snapchat-like service from Naver, the $25 billion-valued Korean firm behind chat app Line, a source close to the company told TechCrunch. Snow currently has around 80 million downloads, and it is adding around 10 million more each month, according to the source. That growth has also encouraged acquisition interest from Tencent -- the maker of blockbuster chat app WeChat -- Alibaba and others, TechCrunch understands. "It's true that Snow is receiving love calls from various companies," a representative from Naver told us in a statement. Despite acknowledging outside interest, Naver did not name Snow's would-be suitors.
Sure it did. These social app companies are hitting hard times as the space gets consolidated by the major players.