Social Media Company Musical.ly Acquired for $1 Billion

Musical.ly Inc., the maker of the musical.ly social-media app, agreed to be acquired by Chinese news and information site Beijing Bytedance Technology Co. for $1 billion.

The company, founded in 2014, created the musical.ly video social network for creating, sharing and discovering short videos recorded in 15 seconds or less. According to the company, more than half of U.S. teens are users of musical.ly.

The startup previously raised more than $46 million from such investors as GGV Capital, Qiming Venture Partners, GX Capital, and Susquehanna International Group.