In brief
ByteDance, the Chinese owner of TikTok, has signed binding agreements to sell a majority stake in its US operations. This move is aimed at addressing US national security concerns and will see a group of investors, including Oracle and Silver Lake, taking a significant ownership position. The deal is expected to close by January 22 and follows previous efforts by the US government to force ByteDance to divest its American assets.
TikTok's Chinese owner ByteDance has signed binding agreements with US and global investors to sell the majority of its business in America, TikTok's boss told employees on Thursday.
Half of the joint venture will be owned by a group of investors, including Oracle, Silver Lake and the Emirati investment firm MGX, according to a memo sent by chief executive Shou Zi Chew.
The deal, which is set to close on 22 January, would end years of efforts by Washington to force ByteDance to sell its US operations over national security concerns.
The deal is line with one unveiled in September, when US President Donald Trump delayed the enforcement of a law that would ban the app unless it was sold.
