SOFIA (Bulgaria), August 13 (SeeNews) - U.S.-based digital live streaming network operator Flipps Media, an affiliated company of Bulgaria's Bianor Holding [BUL:5BI], said that it has acquired sports startup Avid AI in a cash and stock transaction.

"This is a very strategic acquisition for FITE as we continue on our journey to personalize the user experience, and improve our capabilities to match viewers and content and thus drive even stronger results to our content partners," Kosta Jordanov, CEO of Flipps Media, said in a statement last week.

Flipps Media operates the FITE network, which provides live streaming of boxing and pro wrestling events. The platform has one million registered users, according to the statement.

The price of the transaction was not disclosed.

As part of the deal, Avid AI founder and CEO Timothy Lee will join Flipps Media's board of directors.

At the end of June, Bianor Holding held a 18.17% stake in Flipps Media, according to data from the Bulgarian company's interim financial statement.