Chinese Media company acquires karaoke app for $800m

News : 14 Nov 2017 : Natalie Parker
In a deal that represents the biggest overseas investment by a Chinese startup company, Bytedance have apparently sealed a deal for $800m to buy the karaoke app.
Although when Bytedance announced the news they did not divulge what they paid, the actual amount on the table was leaked by people "familiar with the project". Combining with Toutiao's (their flagship news reporting app) existing 120m readers and viewers with over 100m subscribers will propel Bytedance up to the major leagues of the social network genre.

Not only that, but word has come out of further deals by the company this week, which are albeit smaller but still worth upwards of $130m combined.

With Facebook and Twitter currently banned in China, the Bytedance suite of apps and services are currently helping China nationals and expats enjoy the social media interaction that they are currently lacking in the country.

Finally, in (according to a deal that finally fell through, Bytedance also allegedly attempted to purchase Reddit.

Seems like they're on quite the rampage.

More info on their takeover in the video below.

Source: Bloomberg
H/T: TechCrunch

by Natalie Parker
14 Nov 2017