CORPORATE GOVERNANCE

Digital Media Player Buys Parler, Plans Strategic Review

FILE PHOTO: Woman holding smartphone with Parler logo in front of displayed same logo in this illustration taken May 17, 2021. REUTERS/Dado Ruvic

Social media platform Parler was bought by digital media company Starboard for an undisclosed sum, with the new owner immediately indicating it would pull down the app ahead of a strategic assessment of the service.

In a statement Starboard highlighted the potential of its acquisition, noting plans to integrate the social media company’s audience into its wider business.

It also pointed to the app’s “strategic assets” as representing an opportunity to aggressively build its media and publishing business.

Parler pitches itself as a free speech focused platform, but made headlines after being connected with social unrest in the US and was temporarily banned by both Apple and Google app stores.

It has a reputation as being popular with politically right-wing leaning citizens of the US.

Last year rapper Ye, previously known as Kanye West, reached a tentative agreement to buy the platform, however both parties eventually walked away from the floated deal.

Discussing its plans moving forward, Starboard said there were: “tremendous opportunities across multiple sectors to continue to serve marginalised or even outright censored communities – even extending beyond domestic politics.”

It added: “Advancements in AI technology, along with the existing code base and other new features, provide an opportunity for Starboard to begin servicing unsupported online communities – building a home for them away from the ad-hoc regulatory hand of platforms that hate them.”

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