China’s ByteDance has agreed to sell Shanghai Moonton Technology—the studio behind the hit mobile title Mobile Legends: Bang Bang—to Savvy Games Group, a Riyadh-based firm owned by Saudi Arabia’s Public Investment Fund (PIF). The companies confirmed the agreement on Friday but did not disclose financial details.
However, a source familiar with the transaction said the deal values Moonton at over $6 billion. Earlier reporting by Reuters indicated that ByteDance had been in advanced negotiations to sell the studio for between $6 billion and $7 billion.
Savvy Games Group, backed by the PIF, has been aggressively expanding its presence in the global gaming and esports sectors through acquisitions, investments, and partnerships. The Moonton purchase aligns with its strategy to become a dominant player in the fast-growing mobile gaming market.
Industry consolidation accelerates
The acquisition underscores a broader wave of consolidation across the video game industry, as leading companies compete for valuable intellectual property, broader distribution networks, and increased global scale. With mobile gaming continuing to drive industry growth, high-performing studios like Moonton have become prime acquisition targets.
At the same time, ByteDance appears to be sharpening its strategic focus. The parent company of TikTok has been ramping up investments in artificial intelligence, including the development of proprietary chips and more advanced large language models, as competition intensifies within China’s crowded AI sector.
ByteDance originally acquired Moonton in 2021 through its gaming division, Nuverse, in a deal that valued the studio at around $4 billion.
Leadership continuity at Moonton
Despite the change in ownership, Moonton’s internal structure is expected to remain stable. CEO Zhang Yunfan said in an internal letter that the company’s management framework would stay intact and that he would continue to lead the Shanghai-based studio.
Savvy Games Group CEO Brian Ward said the acquisition would strengthen the company’s position in mobile gaming, expand its global reach, and deepen its talent pool, particularly in esports.
The agreement was first reported by Japan’s Nikkei, highlighting growing international attention on the deal and its implications for the evolving global gaming landscape.