Twitter (NYSE:TWTR) has bought startup Periscope, which is working on a live streaming app, for $100 million.
According to The Wall Street Journal, Twitter closed the deal on Periscope roughly a month ago. The $100 million that it paid for the startup was made up of both cash and stock. However, it’s been reported that the payment was mainly made up of cash.
The Periscope acquisition lines up with a rumor reported by TechCrunch last week. This rumor claimed that Twitter was looking to buy the startup and that the deal was worth $100 million.
Periscope hasn’t released an app yet, but it has conducted a closed beta. Several members of Twitter’s board of directors joined the beta to test out the app. The addition of Periscope could lead to a future with live events being streamed on the social media service. Following the news of the acquisition on Monday, TWTR stock was up 1%, WSJ notes.
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