ByteDance Ltd. 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 Ltd. 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. 101 Studio had been one of a handful of key game-development houses that ByteDance had bet on to power its expansion into businesses beyond its core short-video business.
