TikTok's ByteDance Establishes JV with Chinese State

Video-sharing platform TikTok, a unit of ByteDance has set up a joint venture with a Chinese state media company, official records showed.

“The JV will center on association within the advanced rights of brief videos,” a ByteDance representative said.

ByteDance, which is one of China’s fastest-growing new companies, has shaped several arrangements  with state media organizations in arrange to bolster its driving news subsidiary platform, Jinri Toutiao.

Under the most recent deal, Beijing Liangzi Yuedong Innovation Co Ltd, an entirely possessed auxiliary of ByteDance, will possess 49% of the modern company, Pengpai Varying media Innovation (Jinan) Co Ltd, leaving Shanghai Dongfang Daily paper Co Ltd with the remaining 51% lion's share stake, the reports from the National Undertaking Credit Data Reputation Framework showed.

Shandong-based Pengpai Varying media was built up on Dec. 10 with a enrolled capital of 10 million yuan, concurring to the reports. Pengpai is the Chinese title of ThePaper.cn, an internet daily paper distributed by Shanghai Dongfang.

It is noteworthy that ByteDance’s TikTok has become very popular especially after U.S. celebrities such as Ariana Grande and Katy Perry started using it, but the company’s ties with Chinese specialists have confronted examination in later weeks in the midst of a U.S. national security panel’s request into the security of the inpidual information it handles.