MediaLab has bought Kik Messenger from Tencent-backed Kik Interactive, saving the app from closure amid the latter's legal issues surrounding its crypto token.

Internet holding company MediaLab has paid an undisclosed amount to acquire the instant messaging app developed by US-based Kik Interactive, which counts internet group Tencent as an investor.

Kik Interactive was founded in 2009 and launched eponymous messaging app Kik Messenger the following year. It went on to amass 300 million users at the peak of the service’s popularity in 2016.

The MediaLab deal comes as Kik is fighting a lawsuit from US regulator Securities and Exchange Commission, which is…