China’s Tencent takes over two ByteDance video game teams – source

By Thomson Reuters Mar 14, 2024 | 3:16 AM

By Josh Ye

HONG KONG (Reuters) -China’s Tencent has taken over two ByteDance video games units after ByteDance retreated from the gaming business last year, according to a person familiar with the matter.

The two teams Tencent has acquired involve one Shenzhen-based studio working on an action game and another East-China-based studio working on an anime game, the person said on condition of anonymity as the person is not allowed to speak to media.

ByteDance and Tencent did not reply to Reuters’ request for comment.

The two teams have recently formed a new Shenzhen-based company named “Saluosi” which is now 100% owned by a Tencent investment company, according to company database Qixin.com.

Reuters reported in January that ByteDance was in talks with multiple prospective buyers of its gaming assets including Tencent.

ByteDance pulled the plug on majority of its video games business last November, five years after beginning its high-profile foray into the $185 billion global video games market.

(Reporting by Josh Ye; Editing by Brenda Goh and Himani Sarkar)