TikTok owner ByteDance is allegedly in talks to sell Mobile Legends: Bang Bang developer Shanghai Moonton Technology Co to Savvy Games Group.
ByteDance acquired the studio in 2021, but Bloomberg now reports that people close to the matter say negotiations are underway despite rumors Saudi Arabia’s Public Investment Fund (PIF) – which owns Savvy – is allegedly low on cash for new investments after a multi-year spending spree on the games and esports sectors.
Neither ByteDance nor Savvy would respond to press request for comment and Bloomberg’s sources acknowledged that the negotiations may not result in a sale.
Saudi Arabia’s Public Investment Fund (PIF) has faced controversy due to alleged human rights violations in the country. It has stakes in Nintendo, Capcom and Nexon, Take Two, Activision Blizzard, and Koei Tecmo.
It is also part of the suite of investors acquiring Electronic Arts in partnership with investment firm Affinity Partners, which was formed by Donald Trump’s son-in-law, Jared Kushner.
The president of the Communications Workers of America (CWA) recently wrote to the Federal Trade Comission (FTC) and the Committee on Foreign Investment in the U.S. (CFIUS) calling for a comprehensive review of the recently announced buyout of Electronic Arts (EA).
