A UNIT of ByteDance, the owner of video-sharing platform TikTok, has established a joint venture with a State media group, official registration documents showed.

“The joint venture will focus on partnership in the digital rights of short videos,” a ByteDance spokeswoman said in response to reporter inquiries about the deal.

Beijing Liangzi Yuedong Technology Co., a wholly owned subsidiary of ByteDance, will own 49 percent of the new company, Pengpai Audiovisual Technology (Jinan) Co., with Shanghai Dongfang Newspaper Co. holding the remaining 51 percent majority stake, the documents from the National Enterprise Credit Information Publicity System showed.

(SD-Agencies)