Kanye West Is No Longer Buying Parler

Parler announced Thursday it reached a mutual agreement with Ye, formerly known as Kanye West, to terminate the sale of the social media app. Axios reports: The deal already was on life support, as Axios previously reported, and it’s unclear if a formal merger agreement was ever signed. Parler originally said it had an agreement “in principle,” and today referred to it as “intent of sale.” A Parler spokesperson previously told Axios that the acquisition was set to close by year-end but declined to say if Ye ever had signed paperwork to that effect.

In a statement, Parler’s parent company said: “This decision was made in the interest of both parties in mid-November. Parler will continue to pursue future opportunities for growth and the evolution of the platform for our vibrant community.” A source familiar with the situation said that Ye’s precarious financial situation — including the loss of his Adidas deal — played a role in the deal collapse.