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ByteDance’s TikTok has signed a deal to sell its US entity to a joint venture controlled by American investors, according to a memo from TikTok CEO seen by Reuters.
The deal, set to close on Jan. 22, would end years of efforts to force the app’s Chinese parent ByteDance to divest its US business over national security concerns.
Oracle, Silver Lake and Abu Dhabi-based MGX will collectively own 45 percent of the new entity, according to the memo.
Bytedance did not immediately respond to request for comment.
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By Kritika Lamba; Editor: Alan Barona
Learn more:
What We Do and Don’t Know About US TikTok Deal With China
How the framework evolves will likely have ramifications for the broader US social media landscape, too, where rivals including Meta Platforms Inc. and Alphabet Inc. are jostling for market share.