Musical.ly Inc., maker of the lip-syncing video app popular among teenagers, has reportedly been sold to China's Beijing ByteDance Technology Co. for about $800 million.
Musical.ly, which launched in Shanghai in 2014 and opened U.S. offices in Santa Monica, Calif., in 2016, was originally designed as a hub for 15-second goofy videos of users dancing and singing to snippets of popular tunes.
The app has grown to more than 100 million users – known as "musers" – and maintains partnerships with media giants Viacom Inc. and NBCUniversal for original content. In 2016, the company introduced the live-streaming app Live.ly.
Musical.ly's investors include Silicon Valley firms GGV Capital and Greylock Partners.
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ByteDance announced the deal Friday without disclosing the price. The Wall Street Journal, citing unidentified sources, reported that the agreement was for at least $800 million.
ByteDance, which is valued at $20 billion, owns Jinri Toutiao, a popular digital news aggregator with 120 million daily users.