TikTok signs deal to sell US unit to American investors
TikTok has signed a deal to sell its US operations to three US investors – Oracle, Silver Lake and MGX – ensuring the popular social video platform can continue operating in the US.
SAN FRANCISCO– TikTok has signed a deal to sell its US operations to three US investors – Oracle, Silver Lake and MGX – ensuring the popular social video platform can continue operating in the US.
The deal is expected to close on Jan. 22, according to an internal memo seen by The Associated Press. CEO Shou Zi Chew said in the note that ByteDance and TikTok had signed binding agreements with the three investors.
The new US joint venture TikTok will be 50% owned by a consortium of new investors, including Oracle, Silver Lake and MGX with 15% each. Another 30.1% will be held by subsidiaries of existing ByteDance investors and 19.9% will be retained by ByteDance, according to the memo.
