In an unusual move, TikTok rival Triller has abandoned plans to name Kevin McGurn as its new chief executive.
“The Company’s Board of Directors previously appointed Mr. Kevin McGurn as the Company’s Chief Executive Officer, effective November 18, 2024,” Triller Group said in a filing with the U.S. Securities and Exchange Commission (SEC). .
“However, Mr. McGurn will no longer be joining the company as CEO.”
Triller offered no explanation for the reversal.
McGurn appointed CEO of newly formed and listed company Triller Group October. he is a veteran Vivothis video joint venture comes from universal music group and Sony Music Entertainmentand have been in gourd and T-Mobile.
McGurn’s appointment (and cancellation) comes after Triller became a public company and traded on the Nasdaq exchange on Oct. 16.
“Mr. McGurn will no longer be joining the company as CEO.
Triller Group
The company has considered a public listing for years but endured several failed attempts before finally landing on the stock market through a merger with a Hong Kong-focused financial services firm. color.
Under the terms of the all-stock merger, Triller shareholders receive 70% shares of the combined company’s outstanding common stock, while AGBA shareholders receive 30%.
The new company, called Triller Group, operates two main businesses: Triller Corporation and AGBA Group Holdings Limited.
When the two companies announced their merger last April, they predicted it would be a $4 billion Social media and financial services companies. However, after its first day of trading, the company’s market capitalization was $705 million.
While Triller Group has yet to announce a new CEO, the company did earlier this month Sean King – Former Product Director TikTok USA – will lead the company’s Triller app division.
The company said at the time that Kim’s arrival marked a “pivotal moment in the company’s continued transformation…Sean is poised to lead Triller App as the ultimate destination for creators, fans and brands.”
In the music industry, Triller is arguably best known for financial issues that led to non-payment of music licensing fees.
2022, sony music sued the company, accusing it of using “millions of dollars” of music without authorization. Triller and Sony settled the lawsuit in 2023.
Triller also faces pressure from universal music group Exceeding unpaid music licensing fees.
In a filing with the U.S. Securities and Exchange Commission earlier this year, ahead of its planned initial public offering, Triller revealed it owed music rights holders $23.6 million in unpaid fees. The company has raised more than $420 million Cash and cash equivalents from investors were less than $1 million on hand at the time.
As part of its merger with AGBA, Triller retains 50 million The shares in the new company will be “used to resolve certain legal and financial obligations of Triller in the future.”
Based on the closing share price on November 26, these stocks are valued at $184.5 million.global music business
