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ByteDance acquires 22.2% stake in Baidu rival

Beijing ByteDance Telecommunications Co. Ltd. has acquired a 22.2% stake in online encyclopedia, KrASIA reported, citing corporate registry records.

The transaction makes ByteDance a majority shareholder of The financial details of the acquisition were not disclosed., established in 2015 in Beijing, is a rival to Baidu Inc.'s Baidu Baike. The two companies have also been locked in a regulatory and legal feud, the report said.