BEIJING, Nov. 8, 2017 /PRNewswire/ -- Cheetah Mobile Inc.
(NYSE: CMCM) ("Cheetah Mobile" or the "Company") and Bytedance Ltd.
("Bytedance") today 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.
Mr. Sheng Fu, Cheetah Mobile's
Chief Executive Officer, stated, "Cheetah Mobile is a Chinese
Internet company with the best track record in overseas expansion.
We have a strong DNA in globalization. Bytedance owns China's largest content platform, and has
cutting-edge machine learning capabilities and content delivery
technologies. This strategic partnership will allow Cheetah Mobile
to accelerate the pace of executing our content strategy in the
overseas markets, and create a win-win situation for both
companies."
Mr. Yiming Zhang, Bytedance's
Founder and Chief Executive Officer, stated, "We are delighted to
partner with Cheetah Mobile, and bring our AI-powered content
distribution services to more users by leveraging Cheetah Mobile's
global reach. Through the acquisition of News Republic, we have
access to high-quality content from thousands of high-profile media
partners around the world, making an exciting step forward in our
international expansion strategy. It also broadens our reach into
more overseas markets and enables us to provide more diverse and
relevant contents to our users around the world."
About Cheetah Mobile Inc.
Cheetah Mobile is a leading mobile internet company. It aims to
provide leading apps for mobile users worldwide and connect users
with personalized content on the mobile platform. Cheetah Mobile's
products, including its popular utility applications Clean Master,
Security Master and Battery Doctor, help make users' mobile
internet experience smarter, speedier, and safer. Leveraging the
success of its utility applications, Cheetah Mobile has launched
its line of mobile content-driven applications.
Cheetah Mobile provides its advertising customers, which include
direct advertisers and mobile advertising networks through which
advertisers place their advertisements, with direct access to
highly targeted mobile users and global promotional channels, which
are capable of delivering targeted content to hundreds of millions
of users.
About Bytedance Ltd.
Bytedance owns a series of content platforms that enable people
to connect with, consume, and create content through machine
learning technology. With nearly 200 million daily active users
each spending an hour everyday on their products, the company is
dedicated to building connections between people and
information.
Bytedance was founded in 2012 and its flagship product, Toutiao,
is the largest AI-powered content platform in China. Toutiao delivers personalized content
recommendations to every user based on their interests. Bytedance
also operates a series of products popular with mobile users around
the world, including Topbuzz, Flipagram and a number of UGC
short-form video apps. In 2016, Bytedance established an AI Lab
which builds on the company's vast and complex datasets to develop
state-of-the-art innovations in artificial intelligence.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements, including management quotes and business outlook,
constitute forward-looking statements under the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as "will,"
"expects," "anticipates," "future," "intends," "plans," "believes,"
"estimates" and similar statements. Such statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in the
forward-looking statements, including but are not limited to the
following: Cheetah Mobile's growth strategies; Cheetah Mobile's
ability to retain and increase its user base and expand its product
and service offerings; Cheetah Mobile's ability to monetize its
platform; Cheetah Mobile's future business development, financial
condition and results of operations; competition with companies in
a number of industries including internet companies that provide
online marketing services and internet value-added services;
expected changes in Cheetah Mobile's revenues and certain cost or
expense items; and general economic and business condition globally
and in China. Further information
regarding these and other risks is included in Cheetah Mobile's
filings with the U.S. Securities and Exchange
Commission. Cheetah Mobile does not undertake any obligation
to update any forward-looking statement as a result of new
information, future events or otherwise, except as required under
applicable law.
Investor Relations Contact
Cheetah Mobile Inc.
Helen Jing Zhu
Tel: +86 10 6292 7779 ext. 1600
Email: helenjingzhu@cmcm.com
ICR, Inc.
Xueli Song
Tel: +1 (646) 417-5395
Email: IR@cmcm.com
Bytedance Ltd.
Jingjing Zhang
Tel:+86 159 0155 3603
Email: Zhangjingjing.pr@bytedance.com
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SOURCE Cheetah Mobile