The social media giant is hoping that its “social media package” of content, including news, video and images, will boost Twitter’s revenue and help it reach more users.
The social media company is investing $1.3 billion to expand its product, and is working on creating a social media dashboard that will let users search for content they want to see, create and share videos and other content.
It’s hoping to build a $1 billion business, according to people familiar with the investment.
Twitter is not the only social media startup trying to increase revenue through the purchase of other companies.
Facebook bought Instagram in January, and a month later it paid $1,000 per share for Instagram, the same price as Twitter.
Twitter is expected to announce plans for the new business early next year.
It is expected that the new social media business will help it scale its operations and become more relevant in a changing market.