Cheetah Mobile and Legend Capital are among the investors exiting music-based social media app Musical.ly in a purchase by Bytedance.
Bytedance, the owner of news app Toutiao, has acquired China-based social video app developer Musical.ly, giving an exit to mobile app developer Cheetah Mobile, Bloomberg reported today.
Bloomberg cited people familiar with the deal for its size, shortly after TechCrunch had reported that undisclosed sources had told it that Bytedance had agreed to pay between $800m and $1bn.
Musical.ly has created a short-form, music-based social video app aimed at a millennial user base. Users upload a 15-second clip of themselves…
