According to new reports, popular lip-sync platform Musical.ly is about to be bought by Chinese firm Beijing Bytedance Technology Co. The firms did not disclose financial details of the deal (which is, by the way official): the "Wall Street Journal" suggested the price is up to $1bn, but other reports say it could be around the $800m mark.
Bytedance has announced the acquisition in China, and the company's CEO Zhang Yiming stated:
By integrating Musical.ly’s global reach with Bytedance’s massive user base in China and key Asian markets, we are creating a significant global platform for our content creators and brands to engage with new markets.
Bytedance, best known for its flagship news aggregator platform Toutiao, is one of China’s hottest tech start-ups and was valued at over $20 billion in a funding round earlier this year, Reuters reported in August. Toutiao has 120 million active readers of its news service, which it will now match with the claimed 60 million active users of Musical.ly – many of whom are early-teens and younger children in the west.
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