"In a world where conservative opinions are considered to be controversial we have to make sure we have the right to freely express ourselves," the rapper and fashion mogul Kanye West, who is now known as Ye, said in Parler's statement.
The value of the deal, which is expected to close in the fourth quarter of 2022, was not disclosed.
George Farmer, Parler's executive director, said the deal will "change the way the world thinks about free speech."
"Ye is making a groundbreaking move into the free speech media space and will never have to fear being removed from social media again," he said.
Launched in 2018, Parler became a haven for supporters of former US president Donald Trump and far-right users who say they have been censored by other social media platforms such as Twitter.
But Parler was pulled from the Apple and Google online marketplaces and effectively shut down when Amazon Web Services cut ties over allegations the platform failed to stop incitement of violence ahead of the January 6, 2021, siege of the US Capitol.
Last month, Google allowed Parler back into its Play Store, more than a year after banning the platform.
The network describes itself as "a guiding force in the fight against Big Tech, Big Government, censorship, and cancel culture."