TikTok signs deal to sell US unit to American investors, including Oracle, Silver Lake

TikTok has signed a deal to sell its U.S. business to three American investors — Oracle, Silver Lake and MGX — ensuring the popular social video platform can continue operating in the United States

Pakistan-Social Media (Copyright 2020 The Associated Press. All rights reserved.)

TikTok has signed a deal to sell its U.S. business to three American investors — Oracle, Silver Lake and MGX — ensuring the popular social video platform can continue operating in the United States.

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 memo that ByteDance and TikTok have signed binding agreements with the three investors.

The new TikTok U.S. joint venture will be 50% held by a consortium of new investors, including Oracle, Silver Lake and MGX with 15% each. Another 30.1% will be held by affiliates of existing ByteDance investors and 19.9% will be retained by ByteDance, according to the memo.