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.
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…
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