Savvy Games Group, the gaming and esports company backed by Saudi Arabia’s Public Investment Fund (PIF), is reportedly in advanced negotiations to acquire mobile game developer Moonton from ByteDance. According to sources familiar with the matter, the deal could value the Shanghai-based studio at approximately $6 billion.
If completed, the transaction would represent one of the largest cross-border acquisitions of a Chinese gaming asset and significantly amplify Saudi Arabia’s position as a dominant force in the global gaming industry.
ByteDance’s Gaming Retreat
The potential sale signals a strategic shift for ByteDance, the owner of TikTok. The company acquired Moonton in 2021 for a reported $4 billion as part of a major push to challenge Tencent’s leadership in the gaming market.
Despite heavy investment in studios and partnerships, ByteDance’s gaming division delivered limited results and struggled to capture significant market share. In late 2023, the company initiated a restructuring of its gaming unit, leading to job cuts and a broader retreat from the sector. The divestment of Moonton is a key part of this strategic realignment.
Moonton’s Crown Jewel
Moonton is the developer behind the highly successful Mobile Legends: Bang Bang, a leading multiplayer online battle arena (MOBA) title for mobile devices. The game boasts strong esports traction and is particularly popular across Southeast Asia, with a reported 110 million monthly active players.
The acquisition would give Savvy control over a major mobile franchise with a dedicated global player base and a robust presence in the competitive esports scene.
A Strategic Global Gaming Push
The potential acquisition aligns perfectly with Savvy Games Group’s long-term expansion plan, funded by the PIF’s commitment of tens of billions of dollars to build a global gaming and esports powerhouse. This move is a core component of Saudi Arabia’s Vision 2030, which aims to diversify the kingdom’s economy by investing heavily in high-growth sectors like digital entertainment.
Savvy’s strategy focuses on acquiring established studios with globally recognized franchises. The group has already made several landmark international deals, including the 2023 acquisition of US-based Scopely, the publisher of the hit mobile game Monopoly Go. It has also expanded its esports footprint with a $265 million investment in Shanghai-based operator VSPO, now rebranded as Hero Esports.
While talks between Savvy and ByteDance are ongoing, no final agreement has been signed, and neither company has publicly confirmed the transaction.
About Savvy Games Group
Launched in 2022 by the Public Investment Fund (PIF), Savvy Games Group (SSG) is a gaming and esports company established to drive the long-term growth and development of the global games and esports sector. Savvy is building a global platform through a long-term investment strategy focused on industry-leading companies and high-potential growth opportunities.
Source: Waya
