Ava Brooks 
Jan 09, 2024
ByteDance, the parent company of TikTok, announced on Tuesday that it is holding talks with various potential buyers in a bid to sell out its gaming assets.
Stepping down from the sphere of gaming, the Chinese social media giant is aiming to sell out some of its most popular titles to Tencent — the world's largest video games company.
While the negotiations are taking place, No deal has so far been secured, Reuters reported while quoting a company official, according to Reuters.
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ByteDance and Tencent are currently in talks regarding an agreement that encompasses several well-received video games from ByteDance's Nuverse gaming division, such as "Crystal of Atland" and "Earth: Revival."
The development comes after ByteDance in November expressed its intention to revamp Nuverse and step back from the gaming sector while shifting its attention towards other core business areas.
This strategic shift occurred five years after ByteDance initially entered the prominent $185 billion global video games industry.
The company halted the development of unreleased games and aimed to sell off already launched titles, Reuters quoted individuals familiar with the matter.
Similarly, ByteDance has been actively looking for potential buyers for its gaming unit Moonton, which it acquired in 2021.
Meanwhile, being in talks with Tencent, it seems that ByteDance's ties with the gaming giant have improved after a spell of intense competition.
Tencent has extensively utilised ByteDance's advertising network to promote its recent game "DreamStar".
