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Toutiao, a Chinese personalized news app, has agreed to acquire lip-sync app Musical.ly. No financial terms were disclosed, but word is the price-tag was between $800 million and $1 billion, via a mixture of cash and stock.

Why it matters Beyond the fact that a VC-backed company is paying unicorn prices for another VC-backed company that has a demographic shelf life? Okay, how about because this deal was actually competitive, and helps Toutiao play offense against the Chinese tech trinity — Alibaba, Baidu and Tencent — that is trying to eat into its core business.

Cap tables: Music.ly had raised around $116 million from GGV Capital, Qiming Venture Partners, Greylock and DCM Ventures. The most recent round, in May 2016, put the post-money valuation at around $500 million. On the buy-side, Toutiao reportedly is raising new funding at around $20 billion valuation. Existing backers include Sequoia Capital China and CCB International.

Sell-side rational: Musical.ly hopes that Toutiao can help it improve its recommendation algorithm.

Bottom line: "Think of [Music.ly] as a mixture of Vine, Snapchat, and Dubsmash — users, or "musers" as they're called, can record 15-second music videos of their favorite songs, and share them in a totally new social space. When editing, musers can play with the speed of the video, add filters, and elect to play the video backwards." — Kate Dwyer, Teen Vogue

Go deeper

WHO: Delta health measures help fight Omicron

Photo: Mario Tama/Getty Images

Health measures taken to combat COVID-19 before the emergence of Omicron should also help against the new variant of concern, World Health Organization officials said Friday.

What they're saying: Takeshi Kasai, the WHO's regional director for the Western Pacific, said during a virtual briefing broadcast from Manila, Philippines, that border controls imposed by the U.S. and other nations can "buy time" to deal with the variant, but warned "every country and every community must prepare for new surges in cases."

1 hour ago - Health

Nevada to impose insurance surcharge on unvaccinated state workers

Nevada Gov. Steve Sisolak. Photo: Ethan Miller/Getty Images

Nevada's Public Employees' Benefit Program Board voted Thursday to charge workers enrolled in public employee health insurance plans a surcharge of up to $55 a month if they're not vaccinated against COVID-19, the Las Vegas Review-Journal reports.

Why it matters: Nevada is the first state to announce such a move, per AP.

Oklahoma sues Biden administration over Pentagon vaccine mandate

Secretary of Defense Lloyd J. Austin testifies before a House Armed Services Committee hearing on Sept. 29 in Washington, D.C. Photo: Olivier Douliery/Pool via Getty Images

The state of Oklahoma filed a lawsuit against the Biden administration on Thursday in an attempt to block the enforcement of its vaccine mandate for federal employees.

Why it matters: The move comes one day after Defense Secretary Lloyd Austin denied Oklahoma Gov. Kevin Stitt's (R) request to exempt the state's National Guard from the mandate.