ByteDance has shut down a game development studio it acquired just three years ago, slashing more than a hundred jobs in a major setback for its quest to challenge Tencent Holdings in mobile gaming.
TikTok’s Chinese owner disbanded its 101 Studio in Shanghai this week, letting about half of the 300-plus staffers go and offering internal transfers to the rest, according to people familiar with the matter who asked not to be named discussing private information.