Chinese online content platform Bytedance said on Friday it would buy popular lip-sync platform Musical.ly, in a deal seen valued at up to $1 billion that underlines the global ambitions of the fast-growing tech startup.
HONG KONG/SHANGHAI (Reuters) – Chinese online content platform Bytedance said on Friday it would buy popular lip-sync platform Musical.ly, in a deal seen valued at up to $1 billion that underlines the global ambitions of the fast-growing tech startup.
Musical.ly, Chinese founded but popular around the world with teens posting videos of themselves to their favorite tunes, would merge with Bytedance in a deal worth $800 million-$1 billion, according to a person familiar with the plans.
The firms did not disclose financial details of the deal.
Bytedance, best known for its flagship news aggregator platform Toutiao, is one of China&rsquo-s hottest tech start-ups and was valued at over $20 billion in a funding round earlier this year, Reuters reported in August.
The deal could help Toutiao – which has over 120 million daily active mostly in China – push into more overseas markets where Musical.ly has a bigger presence.
&ldquo-(By) integrating Musical.ly&rsquo-s global reach with Bytedance&rsquo-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,&rdquo- Zhang Yiming, Bytedance chief executive, said in a statement.
Musical.ly, which would continue to operate as an independent platform, would be able to integrate Bytedance&rsquo-s sophisticated artificial intelligence technology.
The lip-sync platform&rsquo-s co-founders Louis Yang and Alex Zhu and their global team will join Bytedance and will continue to run the Musical.ly platform, the firm said.
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