By Rita Liao
A turbulent 2018 for China’s gaming market hasn’t held back newcomers. Bytedance, the world’s most valuable startup behind a collection of rising new media apps including TikTok and Jinri Toutiao, is making a further push into video games after it took control of a mobile game developer through a roundabout deal.
According to a business registration filing, Shanghai Mokun has become wholly owned by Beijing Zhaoxi Guangnian, a second-tier subsidiary of Bytedance. Mokun is a mobile game developer previously owned by 37 Interactive Entertainment, a publicly listed games publisher that earmarked $791 million in revenue last year, which makes the Shanghai-based company about one-sixth the size of Activision Blizzard.
Zhang Lidong, a veteran journalist-turned senior vice president at Bytedance, has taken the helm as Mokun’s legal representative.
The price of the deal is undisclosed. A spokesperson from Bytedance declines to comment on the transaction. TechCrunch has reached out to 37 IE and will update the story if we hear back.
This isn’t the first time Bytedance has shown interest in …read more
Source: Tech Crunch