Musical.ly, a Chinese App Big in the U.S., Sells for $1 Billion

Musical.ly, a Chinese App Big in the U.S., Sells for $1 Billion
Musical.ly, a video-based social network popular with teenagers in the United States and Europe, is being sold for between $800 million and $1 billion to Bytedance, the company
that controls the Chinese news aggregator Toutiao, according to a person familiar with the matter.
The deal knits together Toutiao’s 120 million Chinese users with the roughly 60 million
that use Musical.ly in the United States and Europe, ultimately linking a platform in China with a more global one.