TikTok owner ByteDance ‘looking to sell overseas news app TopBuzz’

Ben Heathcote

In App Deals. October 6, 2019

ByteDance is reportedly gearing up to sell its overseas content aggregation and news app TopBuzz, the Information has reported, citing people familiar with the matter. The Chinese tech giant has apparently been in talks with potential buyers for the last three months.

The news comes as ByteDance, owner of the hugely popular video app TikTok, reported revenue of between $7 billion to $8.4 billion in a better-than-expected result for the first half of its financial year.

Media reports suggest that the company has been in talks with a few US-based media firms regarding the potential sale of TopBuzz, although it is unclear whether these discussions will result in a deal.

In July, ByteDance said its more than 20 apps in China and abroad boasted a total of 1.5 billion monthly users and 700 million daily active users. Its most popular apps are TikTok, Douyin and Toutiao, a Chinese news feed app.

ByteDance, which was valued at $75 billion in October 2018 after closing a $3 billion round, has so far not commented publicly on the potential deal.