As reported at Axios, TikTok has signed a deal to divest its U.S. entity to a joint venture controlled by American investors to alleviate national security concerns.
TikTok has signed a deal to divest its U.S. entity to a joint venture controlled by American investors, per an internal memo seen by Axios.
A deal would end a yearslong saga to force TikTok's Chinese parent ByteDance to sell the company's U.S. operation to domestic owners to alleviate national security concerns.
The agreement is set to close on Jan. 22, per an internal memo sent by CEO Shou Chew.
Oracle, Silver Lake and Abu Dhabi-based MGX will collectively own 45% of the U.S. entity, which will be called "TikTok USDS Joint Venture LLC."