Sign up for a daily newsletter defining what matters in business and markets

Stories

Blackstone to buy Vungle, settle founder lawsuit

The Blackstone Group on Monday announced that it will acquire mobile video ad company Vungle, and settle a wrongful termination lawsuit with company founder Zain Jaffer.

Background: Jaffer was fired as Vungle's CEO in late 2017, after being arrested on a variety of charges that included sexual assault of his own child. He later was completely exonerated, with a judge dismissing all charges at the district attorney's request. Terms of the settlement were not disclosed, although Axios has learned that Jaffer will have all of his shares purchased by Blackstone and will not return to the company.

Go deeper: Silicon Valley CEO has child sexual assault charges dismissed