Kik messenger to avoid shutdown with acquisition by MediaLab

MediaLab, a US-based multimedia holding company, has agreed to acquire messaging app Kik. The app was earlier scheduled to be shut down amid its creator Kik Interactive's legal dispute with the US Securities and Exchange Commission (SEC) over its cryptocurrency 'Kin'. The app will now remain active under MediaLab, which owns internet brands like anonymous secret-sharing social network 'Whisper'.