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ByteDance considered selling gaming subsidiary Mutong Technology, but the $4 billion acquisition fell short of expectations
ByteDance considered selling gaming subsidiary Mutong Technology, but the $4 billion acquisition fell short of expectations
According to news from this website on November 15, according to Reuters, people familiar with the matter revealed that TikTok parent company ByteDance has been meeting with potential buyers to discuss the sale of its gaming unit Mutong Technology .
At least one company headquartered in Saudi Arabia was among the companies ByteDance met to discuss selling the company, two people familiar with the matter said. One of the two said negotiations were still at an early stage and there was no guarantee of a deal. The plan comes as ByteDance chooses to focus resources on its core business, the person added.
Informed sources also said that Mutong Technology’s performance since the acquisition was mediocre, which is one of the reasons why ByteDance hopes to sell.
ByteDance declined to comment on this news.
Two years ago, ByteDance acquired the Shanghai-based Mutong Technology Studio for US$4 billion (note from this site: currently about 29.08 billion yuan). Mutong Technology has developed popular mobile games "Magic Rush: heroes", "Dragon Battle", "Endless Showdown", etc.
According to Aiqicha, Shanghai Mutong Technology Co., Ltd. was established in 2014, with the legal representative Yuan Jing and a registered capital of approximately RMB 1.22 million. , 100% owned by Beijing Chaoxi Guangnian Information Technology Co., Ltd., which is the gaming business brand of ByteDance.
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