A unit of ByteDance, the owner of video-sharing platform TikTok, has established...
FILE PHOTO: Tik Tok logos are seen on smartphones in front of a displayed ByteDance logo in this illustration taken November 27, 2019. REUTERS/Dado Ruvic/Illustration/File Photo
“The joint venture will focus on partnership in the digital rights of short videos,” a ByteDance spokeswoman said in response to Reuters inquiries about the deal. Under the latest deal, Beijing Liangzi Yuedong Technology Co Ltd, a wholly owned subsidiary of ByteDance, will own 49% of the new company, Pengpai Audiovisual Technology Co Ltd, with Shanghai Dongfang Newspaper Co Ltd holding the remaining 51% majority stake, the documents from the National Enterprise Credit Information Publicity System showed.
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