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

The only Chinese social media company to build a major network outside China will be taken over by a fast-growing Chinese upstart., 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 who use in the United States and Europe, ultimately linking a platform in China with a more global one.

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