Investing.com investing.com 22 Dec, 2020 07:30 am

ByteDance in talks to buy stake in mobile games firm CMGE -sources By Reuters

ByteDance in talks to buy stake in mobile games firm CMGE -sources By Reuters
ByteDance in talks to buy stake in mobile games firm CMGE -sources

6% CMGE stake held by Fairview Ridge Investment Ltd, controlled by CMGE chairman Xiao Jian and vice chairman Sin Hendrick, said two of the people.Eight-year-old ByteDance has identified gaming as its next strategic growth area and has been scouting for investment opportunities for months to build up its gaming portfolio, three of the people said.That made CMGE more of a target for ByteDance, said two of the people.A successful transaction could make ByteDance CMGE's single largest shareholder, said one of the people.

It plans to release its first "hardcore" game in the April-June quarter, said two other people with knowledge of the matter.Neither ByteDance nor CMGE responded to requests for comment.

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