TikTok
parent
ByteDance
is planning to sale its
gaming assets
. The short video form platform is currently in talks with multiple potential buyers including the world's largest video game company,
Tencent
. According to a report by the news agency Reuters, a ByteDance spokesperson has claimed that the company is reportedly planning to retreat from the gaming industry, however, it is yet to reach any agreement.
The report cited Chinese media outlet LatePost that claimed ByteDance and Tencent are considering a gaming deal.
The deal reportedly involves several popular
video games
published by ByteDance's Nuverse gaming unit. This includes titles such as "Crystal of Atland" and "Earth: Revival".
ByteDance's plans for its gaming business
In November, ByteDance announced its plans to look into its Nuverse and exit the gaming business to focus on its other core ventures. This decision comes after the company have been a part of the global video games market (which is alued at $185 billion) for more than half a decade.
The reprot claims that sources familiar with the matter noted that T ByteDance stopped the development of unreleased games and decided to divest itself of already launched titles to comply with this strategy,
Previous reports also suggested that ByteDance was actively seeking buyers for its other gaming unit, Moonton. The company acquired this gaming unit in 2021.
ByteDance's relationship with Tencent in the gaming industry
After a period of cut-throat rivalry, ByteDance's relationship with Tencent in the gaming industry has improved. In December, Reuters reported that Tencent heavily utilized ByteDance's advertising network to promote its latest game, "DreamStar".
The negotiations between ByteDance and potential buyers, including Tencent, are still ongoing. As of now, no concrete agreement has been reached. Josh Ye reporting for Reuters, with editing by Christopher Cushing.
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