M&A News: TikTok Owner ByteDance Sells Gaming Unit Moonton to Saudi Arabia for $6B [Yahoo! Finance]
TENCENT HLDGS UNSP/ADR (TCEHY)
NASDAQ:AMEX Investor Relations:
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Source: Yahoo! Finance
Claim 70% Off TipRanks Premium Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential Mobile Legends Move According to a Bloomberg report, ByteDance has concluded talks to sell Shanghai Moonton Technology, the studio behind the popular mobile game Mobile Legends, to Savvy Games Group. It is understood that Moonton CEO Zhang Yunfan and his management team will remain in place following the acquisition, while employees will benefit from a range of incentive programs. The move means that ByteDance will now refocus its efforts on developing generative AI. The proceeds are expected to support investments in large language models and the infrastructure required to sustain platforms like TikTok. For Savvy Games, backed by Saudi Arabia's Public Investment Fund, it is part of a plan to become a global gaming and e-sports hub. ByteDance's video ga
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