Savvy Games to buy ByteDance studio Moonton
Savvy Games Group has agreed to buy the Moonton studio from ByteDance Ltd for $6 billion, expanding its mobile gaming assets. The deal is part of Saudi Arabia's push to become a global leader in video games, with plans to develop a gaming district in Qiddiya City near Riyadh.
Savvy Games Group is buying Moonton studio from ByteDance Ltd. The deal values Moonton at $6 billion. Savvy will keep the company's management in place and offer employees incentive programs. Moonton's multiplayer mobile games are popular in South-East Asia, including Mobile Legends: Bang Bang. Savvy is a subsidiary of Saudi Arabia's Public Investment Fund and is central to the kingdom's push to become a global leader in video games. The company plans to develop a gaming district in Qiddiya City near Riyadh.
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