China social media company Beijing Byte Dance Telecommunications Co. Ltd. agreed to partner with Huan Huan Xi Xi, a unit of media content producer Huanxi Media Group Ltd., in relation to online videos and the distribution of Huanxi's films and TV series, according to an announcement.

ByteDance will pay 630 million Chinese yuan for licenses of Huanxi content. The company is planning to stream the content on ByteDance's video platforms, including Douyin, Xigua and news platform Toutiao.

The parties reached an agreement on Jan. 23 in post-trading hours.

As part of a second phase of cooperation, the two companies will jointly build a film channel and make joint capital contributions to produce and purchase new media copyrights of film and TV content, the announcement said.

ByteDance said in an announcement on its official WeChat account that its content platforms will stream Huanxi's film "Lost in Russia" free on Jan. 25, the first day of Chinese Lunar New Year. The film was scheduled for release in theaters on Jan. 25 but was pulled due to concerns over the new coronavirus.