9 Tips for Avoiding Tax Season Cyber Scams 
Valero Port Arthur Refinery Explosion Prompts $1M Lawsuit Over Worker Safety Negligence 
Google's TurboQuant Algorithm Sends Memory Chip Stocks Tumbling 
Elliott Investment Management Takes Multibillion-Dollar Stake in Synopsys 
Super Micro Computer Shares Plunge After Co-Founder Charged in AI Chip Smuggling Case 
Brazil Meat Exports Weather Iran War Disruptions With Rerouted Shipments 
Merck's $6 Billion Bid for Terns Pharma Signals Bold Oncology Push 
Nomura Upgrades PDD Holdings to Buy, Calls Stock Too Cheap to Ignore 
NAB Plans to Cut 170 Jobs While Expanding Offshore Operations 
OpenAI Pulls the Plug on Sora, Ending $1 Billion Disney Partnership 
Lynas Rare Earths Signs Vietnam Deal with LS Eco Energy to Boost Magnet Metal Production 
Bank of America's $72.5M Epstein Settlement: What You Need to Know 
KPMG UK Cuts 440 Audit Jobs Amid Low Attrition and Cooling Professional Services Demand 
SMIC Allegedly Supplies Chipmaking Tools to Iran's Military, U.S. Officials Warn 
Makemation: a Nollywood movie that shows AI in action in Africa 
Nintendo Switch 2 Production Cut as Holiday Sales Miss Targets 
Tencent, a gaming giant based in Shenzhen, China, reportedly acquired two of ByteDance's ditched video game projects. The acquisition will boost the company's faculties and abilities in game development while strengthening its market presence.
Moreover, the deal allows Tencent to use the expertise and resources of its acquired assets and ByteDance, TikTok's parent company. As per Inkl, the agreement's financial terms and other details were not publicly disclosed.
Industry's Anticipation of the Deal
Experts in the gaming sector are reportedly looking forward to Tencent's acquisition of ByteDance's video game studios. Many believe that Tencent's involvement will introduce remarkable changes and offer many opportunities for the acquired ByteDance gaming assets.
In addition, as Tencent has extensive resources and experience in the gaming business, the studios will gain good points once they are granted access to their new owner's advanced technologies. They will also get more support for game development. At any rate, the acquisition is a strategic move for Tencent as it will be able to expand its gaming business and stay ahead in the highly competitive gaming market.
Acquired Gaming Studios
According to Pandaily, business insiders revealed that Tencent has taken over video gaming teams previously ditched by ByteDance. One of Tencent's gaming divisions, LightSpeed Studios, absorbed an action game project from Shenzhen Gravity Studio that was previously owned by the latter. The other is a 2D open-world project owned by ByteDance's Jiangnan Studio in Hangzhou.
The two projects are said to be anime titles and were absorbed into Tencent's Photon Studio. Meanwhile, the acquisition deal led to the formation of a new company called Saluosi, which was established in December 2023. As shared by sources who have knowledge of the agreement, SCMP reported this was established for the two acquired projects.
Photo by: Charlie Fong/Wikimedia Commons (CC BY-SA 4.0)
