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ByteDance Intends to Buy Stake in Mobile Games Firm CMGE- PingWest

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source link: https://en.pingwest.com/w/8139
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ByteDance Intends to Buy Stake in Mobile Games Firm CMGE- PingWest

ByteDance Intends to Buy Stake in Mobile Games Firm CMGE

December 23, 2020 2:37 pm

Beijing (PingWest)- ByteDance is intending to expand its gaming portfolio by acquiring a mobile game publisher. Citing sources closed to the matter, Reuters reported that ByteDance is in talks to buy a majority stake in mobile games publisher CMGE Technology Group.

According to the sources, ByteDance plans to buy up to 27.6% stake in CMGE from Fairview Ridge Investment Ltd. ByteDance is looking to offer HKD4 to HKD5 per share to purchase the stake, said another source.

CMGE hold various popular game titles including “The Legend of Sword and Fairy” and “Xuan-Yuan Sword” in its portfolio

In a statement, ByteDance denied the rumor and said the media report is untrue.

Gaming industry has gained a big boost by stay-at-home arrangement that aims to control the spread of Covid-19.  

ByteDance has made sizeable investment and sources into game starting from 2019 as China’s gaming industry has fostered several large internet companies including Tencent and NetEase. So, it is not a surprise to see that a fast-growing internet upstart is expanding beyond its core business to keep growth momentum.

Bytedance’s move into game sector begun in February this year when Douyin, TikTok’s Chinese version, released its first in-app mini game and Jinri Toutiao, Bytedance’s owned news aggregator app had pre-marketed the mini games on its personalized news distribution platform in January.

In October last year, ByteDance is reportedly to set up game development team in five China’s big cities including Beijing, Shanghai, Guangzhou, Shenzhen and Hangzhou.

In September this year, ByteDance posted 1,000 new games job that includes 700 business positions and 200 technical positions on its website,

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