ByteDance, the parent firm of popular short video platform TikTok, is retreating from the gaming business by cutting jobs and units, the Internet giant said on Monday, following weekend rumors that the Beijing-headquartered company would shut down its whole games division.
“Following a recent (regular business) review, we’ve made the difficult decision to restructure our gaming business,” ByteDance said in a statement on Monday.
This comes in the aftermath of media reports at the weekend, which cited company internal notices as saying that ByteDance would cut its whole gaming business, slashing hundreds of jobs.
ByteDance emphasized that a team was still being retained, but admitted to “significantly scaling back the gaming business,” w…
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