ByteDance agreed to sell Shanghai Moonton Technology, the studio behind popular mobile game Mobile Legends: Bang Bang, to Savvy Games Group, a Riyadh-based gaming company owned by Saudi Arabia's Public Investment Fund, for a valuation of more than $6B. ByteDance originally acquired Moonton in 2021 for around $4B, and the sale comes as the company shifts focus toward its AI business, including developing proprietary chips and releasing large language models. Moonton CEO Zhang Yunfan said the company's management structure will remain unchanged after the deal closes, while Savvy CEO Brian Ward said the acquisition will strengthen the firm's position in mobile games and expand its global esports footprint.
