ByteDance, the owner of TikTok, is reducing its workforce in the gaming unit, as reported by CNBC and Reuters, citing sources familiar with the matter.
After investing billions of dollars in its gaming division called Nuverse, the company has decided to downsize it, but it will not completely shut it down, according to CNBC.
ByteDance confirmed the restructuring of the unit in a statement to Reuters and CNBC, without providing specific details.
“We regularly evaluate our businesses and make adjustments to focus on long-term strategic growth areas. After a recent evaluation, we have made the difficult decision to restructure our gaming business,” the company stated, as reported by the sources.
According to the reports, the Chinese company instructed employees to halt work on unreleased games.
ByteDance is planning to find a buyer for its mobile gaming studio Moonton, which it acquired for a reported $4 billion in 2021, CNBC mentioned.
China
Gaming
2023-11-28 22:41:02
Post from www.ibtimes.com
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