TikTok owner ByteDance and Chinese media company Shanghai Dongfang Newspaper Co. have launched a new company, Pengpai Audiovisual Technology Co. The new company is said to focus on developing blockchain, AI, and other business lines, according to reports.
The new venture was formed on Dec. 10 with a registered capital of 10 million yuan, 49% of which is controlled by ByteDance.
Shanghai Dongfang Newspaper is controlled by Shanghai United Media Group, which is backed by the Shanghai local government.
This news was first reported by Bloomberg.
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