TikTok Owner Ends Its Gaming Adventure; Talks With Chinese Giant
ByteDance, which owns TikTok, is negotiating with Tencent to resell its gaming assets. This is the aftermath of the company's restructuring plan.
The owner of TikTok, ByteDance, is on the verge of major changes. Representatives of the corporation announced that talks are being held with potential buyers of gaming assets, in which they had previously invested heavily. According to Reuters, the main candidate for their acquisition is the Chinese giant Tencent.
As a result of the ongoing talks (according to a ByteDance spokesman, no agreement has been reached yet), the owner of TikTok is willing to sell Nuverse, a video game publisher that is a subsidiary of ByteDance, and game brands such as Crystal of Atland and Earth: Revival.
The first information about ByteDance's withdrawal from the gaming market appeared in November last year. This decision was dictated by the company's restructuring plan, as a result of which hundreds of people were said to have lost their jobs.
We regularly review our operations and make changes to focus on long-term strategic areas of growth. "After a recent analysis, we made the difficult decision to restructure our gaming-related operations," announced ByteDance's spokesperson at the time.
At the same time, Reuters journalists reported that the Chinese company had started looking for buyers for its subsidiary Moonton Technology, which deals with game development.
It is worth mentioning that in July last year, one of Tencent's newest purchases was Polish studio Techland. The Chinese giant took over a majority stake in the creators of Dying Light.
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