China's Toutiao said to buy karaoke app Musical.ly for $800m

China's Toutiao said to buy karaoke app Musical.ly for $800m

Beijing ByteDance Technology Co., the company behind giant Chinese media startup Jinri Toutiao, has acquired buzzy teen social video app Musical.ly for about $800 million, according to people familiar with the deal.

The acquisition represents the biggest venture abroad thus far for a Chinese startup valued at $20 billion that’s already spawned one of the world’s largest news services. Bytedance beat out rival bidders including Kuaishou, the viral video streaming service, the people said, asking not to be identified discussing a private matter.

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