TikTok owner ByteDance acquires Chinese studio Moonton Technology

TikTok owner ByteDance has acquired Shanghai-based studio Moonton Technology, best known for developing the mobile MOBA Mobile Legends: Bang Bang. 

As reported by Reuters, which spoke with two anonymous sources, the deal values Moonton at $4 billion and comes as ByteDance continues its push into the video game market. 

ByteDance confirmed the purchase in a short statement and said Moonton would help support its internal game division, Nuverse.

"Through cross-team collaboration and drawing on lessons and insights from its own rapid growth, Moonton provides the strategic support needed to accelerate Nuverse’s global gaming offerings," said the company, which declined to comment on the size of the deal.

An internal memo from Moonton chief exec Yuan Jing -- the details of which were shared with Reuters by another anonymous source -- suggested the Chinese studio will operate independently from ByteDance following the deal.