Musical.ly's Pre-C-Round Investors to Leave Company Following Toutiao's USD1 Billion Takeover, Co-Founder Says
Qian Tongxin
/SOURCE : Yicai
Musical.ly's Pre-C-Round Investors to Leave Company Following Toutiao's USD1 Billion Takeover, Co-Founder Says

(Yicai Global) Nov. 13 – Following Chinese news aggregation giant Toutiao's USD1 billion (CNY6.64 billion) acquisition of video social network app Musical.ly, all investors involved in the latter company, up to C-round financing, will leave the company, said Yang Luyu, co-founder and co-CEO of Musical.ly.

Shanghai-based Musical.ly, a video social network for creating, sharing and discovering short videos, enjoys great popularity in the US.

Toutiao, run by Beijing ByteDance Technology Co., plans to combine its own short music-video platform Douyin with Musical.ly, though the pair will maintain brand independence and explore more in-depth cooperation in technology and products in the future.

Yang hope the pair will work together to build the world's largest short video platform.

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