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Tech & Science ByteDance unit establishes venture with Chinese state media firm

17:47  14 december  2019
17:47  14 december  2019 Source:   reuters.com

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SHANGHAI/BEIJING (Reuters) - A unit of ByteDance , the owner of video-sharing platform TikTok, has established a joint venture with a Chinese state media group to work on software development, artificial intelligence and blockchain technology, official registration documents showed.

ByteDance Ltd. ( Chinese : 字节跳动; pinyin: Zìjié Tiàodòng) is an Internet technology company headquartered in Beijing. It was founded by Zhang Yiming in 2012.

a close up of a sign: FILE PHOTO: Tik Tok logos are seen on smartphones in front of displayed ByteDance logo in this illustration© Reuters/Dado Ruvic FILE PHOTO: Tik Tok logos are seen on smartphones in front of displayed ByteDance logo in this illustration

SHANGHAI/BEIJING (Reuters) - A unit of ByteDance, the owner of video-sharing platform TikTok, has established a joint venture with a Chinese state media group, official registration documents showed.

"The joint venture will focus on partnership in the digital rights of short videos," a ByteDance spokeswoman said in response to Reuters inquiries about the deal.

ByteDance, which is one of China's fastest-growing startups, has formed a series of partnerships with state media organizations in order to feed its leading news aggregator platform, Jinri Toutiao.

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ByteDance Inc., the owner of TikTok, started a joint venture with a state -owned Chinese media group to develop business lines, including artificial 10 in Jinan city, the capital of eastern China ’s Shandong province, according to the statement. Representatives of ByteDance and Shanghai Dongfang

[HONG KONG] ByteDance , the owner of TikTok, started a joint venture with a state -owned Chinese media group to develop business lines, including artificial intelligence and blockchain. A unit of ByteDance has 49 per cent of the new firm , which has registered capital of 10 million yuan (S.9

Under the latest deal, Beijing Liangzi Yuedong Technology Co Ltd, a wholly owned subsidiary of ByteDance, will own 49% of the new company, Pengpai Audiovisual Technology (Jinan) Co Ltd, with Shanghai Dongfang Newspaper Co Ltd holding the remaining 51% majority stake, the documents from the National Enterprise Credit Information Publicity System showed.

Shandong-based Pengpai Audiovisual was established on Dec. 10 with a registered capital of 10 million yuan, according to the documents. Pengpai is the Chinese name of ThePaper.cn, an online newspaper published by Shanghai Dongfang.

ByteDance's TikTok platform has become popular with U.S. teenagers and drawn stars like Ariana Grande and Katy Perry, but the company's ties with Chinese authorities have faced scrutiny in recent weeks amid a U.S. national security panel's inquiry into the safety of the personal data it handles.

(Reporting by Andrew Galbraith in Shanghai and Yingzhi Yang in Beijing; Editing by Helen Popper and Alex Richardson)

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