ByteDance sells game studio Moonton to Saudi wealth fund
ByteDance Ltd. has agreed to sell its video game studio Moonton to a subsidiary of Saudi Arabia’s sovereign wealth fund, according to an internal letter seen by Caixin. Moonton will become a wholly owned subsidiary of Savvy Games Group, a unit of the Public Investment Fund (PIF), Moonton CEO Zhang Yunfan said in the letter. The studio’s management structure will remain unchanged, with its headquarters staying in Shanghai and Zhang continuing as CEO. Zhang said the partnership with Savvy would bring broader development opportunities and provide accelerated vesting and payouts of previously granted long-term incentives to employees.
