musical.ly to Be Acquired by Bytedance
Simpson Thacher is representing musical.ly, a mobile platform for short form video, in connection with its merger into Bytedance, the Chinese online media giant (a/k/a “Toutiao”), at a price close to US$1 billion. After the closing of the transaction, musical.ly, being a wholly owned subsidiary of Bytedance, will continue to operate as an independent platform, integrating Bytedance's AI technology and leveraging its reach in China and key markets across Asia to enhance musical.ly's offering to users, creators and partners.