US, agreement with ByteDance for TikTok - Company sells over 80% of assets to avoid closing the application
TikTok's Chinese owner, ByteDance, has signed binding agreements with three major investors to sell just over 80% of the company's U.S. assets to American and international investors. The move is aimed at avoiding a U.S. government ban on the app, TikTok CEO Shou Zi Chew told employees.
The agreement represents a major step toward resolving years of uncertainty over the future of the short-form video app in the US, dating back to August 2020, when then-President Donald Trump first tried, unsuccessfully, to ban the app, which is now regularly used by more than 170 million Americans.
The details of the deal are consistent with a pact revealed in September, when Trump delayed until January 20 the implementation of a law banning the app unless its Chinese owners sell it. The US president also said the deal met the conditions required for the asset sale.
The company informed employees that ByteDance and TikTok have signed binding agreements with three managing investors: Oracle, Silver Lake, and MGX, to create a new joint venture in the US called TikTok USDS Joint Venture LLC.
In the memorandum, TikTok said the deal will enable “over 170 million Americans to continue discovering a world of endless possibilities as part of a vibrant global community.” Oracle, Silver Lake and Abu Dhabi-based MGX will jointly own 45% of the new entity, according to the sources.
The US joint venture will be 50% owned by a consortium of new investors, including Oracle, Silver Lake and MGX with 15% each; 30.1% will be held by affiliates of several existing ByteDance investors; while 19.9% will remain owned by the parent company, the memorandum said.
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