Match Group bought a 51 percent stake in Hinge with the option to buy the rest of the shares in the next year, both companies told Bloomberg. But the former actually started investing in the latter back in September, taking a seat on its board and starting discussions of a potential acquisition.
In March, Match Group sued the company behind one of the only other remaining notable dating services, Bumble, for patent infringement. The latter quickly countersued, revealing that Match Group was interested in acquiring it, and Bumble claimed the first lawsuit was intended to drive down the asking price and sully other interested parties.
Facebook's looming plans to launch its own dating service don't worry the CEOs of Match Group or Hinge: "Our demographic is millennials and they're using Facebook less and less," Hinge CEO Justin McLeod told Bloomberg. "I don't see them as an up-and-coming brand that people are going to trust with their dating lives."