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TikTok owner ByteDance in talks with Tencent, others to sell gaming assets

Reuters · 1y ago

TikTok owner ByteDance in talks with Tencent, others to sell gaming assets

Chinese social media firm ByteDance, owner of TikTok, is reportedly in talks with multiple buyers, including Tencent, regarding the sale of its gaming assets. ByteDance has been looking to retreat from the gaming industry and has been in discussions about popular video games published by its gaming unit, Nuverse. Tencent, the world's largest video games company, is one of the prospective buyers. However, no deal has been finalized. ByteDance had previously announced plans to divest itself of its gaming units, including Moonton, in order to focus on other core businesses.

Related News

Meta strikes deal with Tencent to sell VR headset in China: WSJ report

Economic Times

Economic Times · 1y ago

Meta strikes deal with Tencent to sell VR headset in China: WSJ report

Meta Platforms has reportedly entered a preliminary deal with Tencent Holdings to sell a low-cost virtual reality (VR) headset in China, aiming to re-enter the market where Facebook and Instagram are blocked. Tencent will be the exclusive seller of Meta's headsets in China, starting late 2024. The deal allows Meta to compete with TikTok-owner Bytedance. Meta's Quest, the bestseller in the VR space, will be adapted for China with cheaper lenses, with Meta taking a larger share of device sales and Tencent focusing on content and service revenue.

ByteDance profits jump 60%, beating tech rivals: report

Economic Times

Economic Times · 1y ago

ByteDance profits jump 60%, beating tech rivals: report

TikTok owner ByteDance has seen its profits rise by about 60% in 2023, surpassing online rivals Tencent and Alibaba. With a valuation of around $225 billion, ByteDance has become one of the world's most valuable tech companies. The company's earnings before interest, tax, depreciation, and amortization reportedly reached over $40 billion, while sales grew to nearly $120 billion. This marks the first time that ByteDance has surpassed Tencent in both revenue and profit. However, the figures have not been independently audited. ByteDance launched TikTok in 2017, which has now reached over a billion users worldwide.

ByteDance plans $20 billion capex in 2025, mostly on AI, sources say

Economic Times

Economic Times · 7m ago

ByteDance plans $20 billion capex in 2025, mostly on AI, sources say

ByteDance, owner of TikTok, plans over $20 billion in capital expenditure for 2025, primarily on artificial intelligence infrastructure like data centers and networking. Around half of this will be spent internationally. Key beneficiaries include Huawei, Cambricon Technologies, and Nvidia. ByteDance aims to bolster its AI offerings globally while facing challenges like the future of TikTok in the U.S. This move positions ByteDance against rivals such as Baidu and Tencent, enhancing its AI applications portfolio.

US Congress moves ahead on bill to push TikTok's Chinese owner to sell

Reuters · 1y ago

US Congress moves ahead on bill to push TikTok's Chinese owner to sell

The U.S. Congress is ramping up efforts to force ByteDance, the Chinese owner of TikTok, to sell the social media app or face a ban in the country. The House of Representatives has scheduled a vote for Saturday on a legislative package that includes a provision giving ByteDance a year to sell TikTok. This bill has gained support from key lawmakers, including U.S. Senate Commerce Committee chair Maria Cantwell, increasing the likelihood of it becoming law. The push to sell TikTok is driven by concerns over national security risks posed by the potential sharing of user data with China.

Donald Trump says he will extend TikTok deadline for 75 days

Economic Times

Economic Times · 4m ago

Donald Trump says he will extend TikTok deadline for 75 days

President Donald Trump extended the deadline by 75 days for ByteDance to sell U.S. assets of TikTok to a non-Chinese buyer to avoid a ban. Trump's administration is in talks with multiple groups regarding a potential deal. Plans involve creating a U.S. TikTok entity, reducing Chinese ownership below 20%, and discussions involve entities like Susquehanna International Group and General Atlantic. Walmart is also interested. Chinese government approval remains a key obstacle.

Explainer: What happens now that US TikTok bill has been passed?

Economic Times

Economic Times · 1y ago

Explainer: What happens now that US TikTok bill has been passed?

The U.S. Senate has passed legislation giving TikTok's Chinese owner, ByteDance, nine months to sell the U.S. assets of the app or face a nationwide ban. President Joe Biden is expected to sign the bill into law, starting a 270-day countdown for ByteDance to divest TikTok. If close to divestment at the end of the nine-month period, an additional 90 days can be authorized. TikTok is likely to sue to stop the law and may request a preliminary injunction. The forced sale process would be halted if the injunction is granted. The app should remain unchanged for U.S. users until the divestment period ends in early 2025.

US Supreme Court to hear TikTok ban case

Economic Times

Economic Times · 7m ago

US Supreme Court to hear TikTok ban case

The US Supreme Court is set to hear TikTok’s appeal against a US law requiring its Chinese owner, ByteDance, to sell the app or face a ban. The law, signed by President Biden, alleges TikTok enables Beijing's data collection, which both China and ByteDance deny. TikTok argues the law violates its First Amendment rights. The potential ban may affect US-China relations, especially as President-elect Trump emerges as an unexpected ally of TikTok.

If not via the App Store, here’s how to download TikTok on Android in the U.S. | Mint

Livemint

Livemint · 6m ago

If not via the App Store, here’s how to download TikTok on Android in the U.S. | Mint

In the U.S., Android users can now download TikTok directly from its website via package kits, following the app's removal from Google and Apple stores due to a new law demanding TikTok's Chinese owner, ByteDance, sell the platform. President Trump delayed enforcement of the ban for 75 days, hoping for acquisition talks. Concerns over data security persist, despite TikTok's data handling assurances. The platform's future remains uncertain amid debates and legal challenges.

A closer look at TikTok as US Supreme Court weighs its fate

Economic Times

Economic Times · 7m ago

A closer look at TikTok as US Supreme Court weighs its fate

The US Supreme Court is reviewing TikTok's appeal against a law mandating its Chinese owner, ByteDance, to sell the app or exit the US. TikTok, launched in 2016, experienced rapid global growth due to its innovative recommendation algorithm and short-form video format. Despite its popularity and influence, particularly during the pandemic, TikTok faces scrutiny over data privacy concerns associated with Chinese ownership. The app risks being banned if ByteDance does not comply by January 19.

How TikTok grew from a fun app for teens into a potential national security threat

Economic Times

Economic Times · 1y ago

How TikTok grew from a fun app for teens into a potential national security threat

TikTok, the Chinese social video app, has faced many challenges since its inception in 2017. It quickly became a global sensation, but also attracted concerns about national security. President Joe Biden recently signed legislation requiring TikTok's parent company ByteDance to sell to a U.S. owner within a year or face shutdown. However, the future of TikTok remains uncertain, as legal challenges could arise and ByteDance may not be willing to sell. The app has seen significant growth and popularity, with viral trends and controversies along the way. Privacy and security concerns have also plagued TikTok, leading to bans and investigations by governments worldwide. Despite these obstacles, TikTok continues to thrive and has amassed over a billion monthly active users.

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