China's ByteDance buys Musical.ly teen app for United States dollars 800 mln

China's ByteDance buys Musical.ly teen app for United States dollars 800 mln

Musical.ly, Chinese-founded but popular around the world with teens posting videos of themselves to their favourite tunes, would merge with Bytedance in a deal worth US$800 million to US$1 billion, according to a person familiar with the plans.

The lip-sync platform'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.

The acquisition represents the biggest venture overseas thus far for a Chinese start-up valued at US$20 billion that has already spawned one of the world's largest news services. Bytedance announced the deal without giving any financial details.

The startup acquires a big American occurrence, tallying Musical.ly's 100 million - stout deputation of lip - syncing video performers to Toutiao's own 120 million readers and viewers, at the same time as potentially tacking on a social media constituent to its bread and butter news submission.

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Bytedance is also known for their mobile app called, Jinri Toutiao, meaning "Today's Headlines" that releases news and videos from hudreds of media outlets. A separate live-streaming app, Live.ly, has made deals with US broadcasters Viacom and NBC Universal to produce original programming. The startup also inked deals with media companies such as Viacom and Comcast's NBCUniversal to make original shows. Bloomberg has informed it also appears to make interactive content for a younger audience.

Toutiao has become one of the world's largest news aggregators since its 2014 startup. Its parent company ByteDance is valued at over Dollars 20 billion, according to a person familiar with the matter.

Bytedance wants to become a global success by turning its artificial intelligence tools on the rest of the world. Toutiao bought the US company Flipagram in February. Earlier this week, its parent company bought the news and video aggregation News Republic from Cheetah Mobile, a Chinese company and an early investor in Musical.ly, for $86.6 million.

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