China-based ByteDance has shut down a game development studio, terminating jobs of more than 100 employees, media reports said.
ByteDance, TikTok’s parent company, shut down the 101 Studio in Shanghai it had acquired three years ago.
TikTok owner ByteDance is disbanding one of its main game studios due to its disappointing performance, Nikkei Asia reported.
The gaming studio had around 300 employees and according to the report, some of them have been transferred to other verticals within ByteDance.
ByteDance’s 2019 acquisition of the core group behind 101 Studio was seen as laying the groundwork to challenge the dominance of Tencent Holdings in mobile gaming.