March 30, 2020 / 3:46 PM / 2 months ago

WeWork sells social network Meetup to AlleyCorp, private investors

FILE PHOTO: A sign is seen above the entrance to the WeWork corporate headquarters in Manhattan, New York, U.S., November 21, 2019. REUTERS/Mike Segar

(Reuters) - Social media platform Meetup said on Monday that shared-office operator WeWork had sold the company to a group of investors led by AlleyCorp, which funds companies in New York.

Meetup, a social network with 49 million members that encourages people to get together in person, was acquired by WeWork in 2017.

Financial terms of the deal were not disclosed, while WeWork declined to comment on the deal value.

The sale comes as SoftBank Group-backed (9984.T) WeWork told investors on Thursday the $4.4 billion in cash and cash commitments it had at the end of 2019 is enough to execute its five-year plan and manage the challenges posed by the coronavirus crisis.

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Anil D'Silva

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