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ByteDance unit is set to venture with a Chinese state-owned media company

FILE PHOTO: select the Current logo can be seen on smart phones in front of a ByteDance logo, in this picture, the 27th of November, 2019 at the latest. REUTERS/dado Ruvic/Image/File Photo

SHANGHAI/BEIJING (Reuters) – A unit of measure of the ByteDance, the owner of the video-sharing platform, TikTok, has a joint venture with a Chinese state-owned media group, the official registration of the documents showed.

“The joint venture will focus on co-operation in the digital rights management of a short video,” a ByteDance spokesperson said in response to Reuters ‘ questions about the deal.

ByteDance, which is one of China’s fastest growing startups, has formed a series of partnerships with the state, the media organizations, in order to feed the most important news aggregator platform, the Jinri Toutiao.

Under the latest deal, the Beijing Liangzi Yuedong Technology Co., Ltd, a wholly owned subsidiary of the ByteDance, it will be 49% of the new company, Pengpai audio-visual Technology (Jinan) Co. Ltd., Shanghai Times Newspaper, Co., Ltd, holding the remaining 51% stake, the documents belonging to the National Enterprise Credit Information Publicity System showed up.

Shandong province-based Pengpai for Audiovisual, was established in Feb. 10, with a registered capital of 10 million yuan, according to the documents. Pengpai is the Chinese name of ThePaper.if this is an online newspaper published by the Shanghai Times.

ByteDance the TikTok platform has become popular with AMERICAN teens, and signed stars such as Ariana Grande and Katy Perry, but the company’s ties to the Chinese government for the review of the past few weeks, in the midst of a U.S. national security panel’s investigation of the safety and security of the personal data to be processed.

Report by Andrew Galbraith in Shanghai and Yingzhi Yang in Beijing; Editing by Helen Popper and Alex Richardson

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