View of the headquarters of Chinese personalized news app Toutiao.com of Bytedance Ltd. in Beijing, China, 24 October 2017. Cheetah Mobile Inc. and Bytedance Ltd. Wednesday (8 November 2017) jointly announced that the two companies have entered into a strategic cooperation framework agreement. The strategic cooperation will enable Cheetah Mobile's users to access Bytedance's personalized content delivery services in the global market and improve the monetization capability of Cheetah Mobile's utility products. It will also allow Bytedance to tap into Cheetah Mobile's massive global mobile user base. In addition, Cheetah Mobile and Bytedance have entered into a definitive agreement whereby Bytedance will acquire News Republic, a global mobile news aggregating service operator owned by Cheetah Mobile, for a total consideration of US$86.6 million. Cheetah Mobile may elect to receive up to US$50 million of the consideration in shares of Bytedance. The transaction is subject to certain closing conditions. News Republic will become a wholly owned subsidiary of Bytedance after this transaction.
