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TikTok owner ByteDance shuts down Shanghai game studio 101

Reports suggest that over 100 workers have been let go as a result of the closure.

TikTok owner ByteDance's video game plans have suffered a setback after the company shuttered a development studio it purchased just three years ago.

As reported by Bloomberg, the closure of the company's Shanghai-based development studio, 101 Studio, resulted in the loss of over 100 jobs.

The news is notable as it marks the first time ByteDance has shut down a game development studio.

In fact, the move comes just over a year after the company continued its rapid expansion into the world of video games by purchasing Mobile Legends: Bang Bang developer Moonton Technology and Red Alert Online maker C4games.

It's being reported that remaining 101 Studio staffers will be transferred to ByteDance's publishing arm, Nuverse. The company is also reportedly considering letting Pico -- a virtual reality company it bought last year -- take the reins on a VR title that had been in development at 101. 

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