MultiplelineEllipsizeTextView
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Working with spannable text
Spannable effect not showing
The reason for this is that most of the operations inside the EllipsizingTextView operate on String instances, as opposed to CharSequence objects, which have no notion of the underlying spans. It's actually not too hard to fix this by changing all the instances to CharSequence objects and replacing the methods with their equivalents (either from the CharSequence class or from TextUtils).
Depending on time I may create a fork with the suggested changes, however this library is quite outdated in terms of setup/maintenance.