TikTok Owner Forms JV With State Media in Blockchain, AI
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ByteDance Inc., the owner of TikTok, started a joint venture with a state-owned Chinese media group to develop business lines, including artificial intelligence and blockchain.
A unit of ByteDance has 49% of the new firm, which has registered capital of 10 million yuan ($1.4 million); Shanghai Dongfang Newspaper Co. owns the rest, according to a statement on the National Enterprise Credit Information Publicity System, an official business registration website.