"ByteDance has been winding down its gaming arm and shopping Moonton since 2023, just two years after it first acquired the developer."
"Savvy Games, which is owned by Saudi Arabia's Public Investment Fund, has been going in the opposite direction, acquiring notable gaming companies."
"The sale is the latest chapter in the recent gaming industry consolidation that saw around 45,000 jobs lost in a brutal three-year period."
"According to a recent GDC study, one-third of US video game industry workers were laid off over the last two years."
ByteDance has agreed to sell its gaming unit Moonton to Savvy Games Group for $6 billion. Moonton is known for popular mobile titles like Mobile Legends: Bang Bang. The sale follows ByteDance's decision to wind down its gaming arm and comes two years after acquiring Moonton. The company has shifted its focus to AI development. Savvy Games, backed by Saudi Arabia's Public Investment Fund, has been expanding its gaming portfolio, including acquiring Niantic. The sale reflects ongoing consolidation in the gaming industry, with significant job losses reported.
Read at Engadget
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