Lanxiong Sports and other regional media report that Chinese tech company Bytedance has acquired a 30-per-cent stake in Chinese online sports content platform Hupu in a deal worth RMB1.26bn ($180m).
Hupu, which is also currently planning an IPO, publishes sports news and other sports content to an audience of 30m registered users. Bytedance’s core products are online content recommendation platform Toutiao and short video app TikTok.
The two companies have a history of cooperation, including on sports content projects.
The deal is the latest in a series of investments by ByteDance in sport. It has previously acquired short-form mobile content from rights-holders including the Chinese Super League, NBA, ITTF, China Volleyball League and WWE. Toutiao has agreed partnerships around content and branding with the Chinese Basketball Association, UFC, English Premier League, LaLiga, and PGA Tour, among other rights-holders.