, the lip-syncing video app, is going to sell for at least $800 million

Three years ago, didn’t exist. Now the app, which lets teens make videos of themselves lip-syncing, is set to sell for at least $800 million.

The Shanghai-based company has agreed to sell to Jinri Toutiao, a Chinese media startup that had already bought Flipagram, which competed to some degree with, earlier this year.

The deal hasn’t closed yet, but Bloomberg pegs the price at $800 million, while the Wall Street Journal puts it at “$800 million to $1 billion,” which is the range I’ve heard. Without a public disclosure of the price, you’re generally safe betting on the lower number on deals like these and assuming that the bigger number includes hard-to-hit earnout targets.