ByteDance has paid $182m for a 30% stake in sporting media portal Hupu as the latter prepares to go public in its home country of China.

China-based sports commentary platform Hupu Sports Shanghai Media received RMB1.26bn ($182m) in pre-initial public offering funding from digital media company ByteDance today, China Money Network reported. The deal gave ByteDance, the owner of short video app TikTok and aggregated news app Toutiao, a 30% stake in Hupu, making it the single largest shareholder in the…

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