Kanye West plans to acquire Parler

Ye, formerly known as Kanye West, plans to acquire Parler, a Twitter-like social media app that has become a haven for conservatives.

Why it matters: In a statement, Ye said he's buying the platform to ensure people with conservative opinions "have the right to freely express ourselves" online.

Earlier this month, Ye's Instagram and Twitter accounts were restricted in response to antisemitic posts.

Details: In a statement, Parler's parent company Parlement Technologies said it has entered into "an agreement in principle" to sell Parler to Ye for an undisclosed amount.

"The proposed acquisition will assure Parler a future role in creating an uncancelable ecosystem where all voices are welcome," the company said in a statement.

Under the terms of the agreement, Parler has agreed to sell fully to Ye, but Parler will continue to receive technical support from Parlement Technologies, including access to its private cloud services and its data center infrastructure.