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Deepti Sri · · 1 min readByteDance to acquire Mobile Legends maker Moonton
“ByteDance said on Monday its video games unit Nuverse has agreed to acquire Shanghai-based gaming studio Moonton Technology, as it seeks to further expand into the video games business,” reported Reuters.
Details:
- The gaming studio will be valued at about US$4 billion after the transaction, the report noted, citing people familiar with the matter.
- Moonton’s CEO Yuan Jing said in an internal memo that the company would operate independently from ByteDance after the acquisition.
Context:
- ByteDance’s revenue last year more than doubled to about US$37 billion on the back of robust growth of ad sales by its Chinese apps.
- Moonton was founded by a former employee of tech giant Tencent and is famous for its multiplayer online battle arena game Mobile Legends.
Editing by Miguel Cordon and Jaclyn Tiu
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