HONG KONG: China’s Tencent has taken over two ByteDance video games units after ByteDance retreated from the gaming business last year, according to a person familiar with the matter.
The two teams Tencent has acquired involve one Shenzhen-based studio working on an action game and another East-China-based studio working on an anime game, the person said on condition of anonymity as the person is not allowed to speak to media.
Tencent’s Riot Games to lay off about 11% of staff
ByteDance did not reply to Reuters’ request for comment.
Reuters reported in Janurary that ByteDance was in talks with multiple prospective buyers of its gaming assets including Tencent.
ByteDance pulled the plug on majority of its video games business last November, five years after beginning its high-profile foray into the $185 billion global video games market.