Toutiao Media Buy Startup For $ 800 million-$ 1 billion, a popular lip-sync application among the younger generation, has been bought by Chinese social media giant Toutiao. Unfortunately no mention of the acquisition value. ByteDance the company behind the news aggregator service Toutiao has paid about US $ 800 million to US $ 1 billion to buy, which claims to have 60 million users.

The 3-year startup is priced at US $ 500 million when they receive fresh funding in 2016. said, they will continue to operate as an independent company under Byedance and at the same time, utilizing the distribution network and technology owned by its new parent company.

Meanwhile, Bytedance is rumored to have earned US $ 2 billion, making it worth US $ 20 billion worth of valuations.

In addition to Toutiao, which claims to have 120 million monthly active users, Bytedance is also trying to expand the type of content they create with the acquisition of Flipagram video applications.

Toutiao is known for using artificial intelligence to provide relevant news content to its users. In today's announcement, it is explained that the technology will also be used in to attract more users and creators in China, South Korea, Japan and Southeast Asia.

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