TikTok owner ByteDance sells gaming unit to Saudi group for over $6 billion

TikTok owner ByteDance will sell its gaming studio Moonton to a Saudi-owned group for more than $6 billion, the firms and a person close to the matter said Friday, as the tech giant sharpens its focus on AI. The Beijing-based company is undergoing a broad restructuring aimed at shifting resources into its rapidly expanding artificial intelligence operations, a sector drawing heavy investment from Chinese tech majors. The company has invested heavily in AI and operates one of the largest AI research teams among Chinese tech firms.