Musical.ly Acquired By Chinese Startup for $800 Million

China's Toutiao is buying Musical.ly in a deal worth $800M-$1B

The company, founded in 2014, created the musical.ly video social network for creating, sharing and discovering short videos recorded in 15 seconds or less.

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 strike out competitors (rival bidders) involving Kuaishou, the viral video streaming service, the folks said, questioning not to be acknowledged conferring a confidential matter.

Financial terms of the deal weren't included in today's announcement, but news reports put the deal's value at between $800 million and $1 billion.

Last year, it rolled out a live-streaming app called Live.ly.

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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.

"Musical.ly's vision is to make entertainment more personal, participatory and interactive, by enabling anyone to be a content creator", explained Yang and Zhu in a joint statement. Hearst's "Seventeen" magazine has said it'll devise a slate of shows focused on fashion and beauty for Musical.ly.

Bytedance, which was recently valued at $20 billion, says that Musical.ly will remain a separate, independent business.

Toutiao aggregates news and videos from hundreds of media outlets and has become one of the world's largest news services over its five years. Bytedance wants to become a global success by bringing its artificial intelligence tools to the rest of the world. It's also worth noting is that Cheetah Mobile was an early investor in Musical.ly, in which Cheetah held a 17.4% stake of the end of 2016.

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