"TikTok has signed a deal to sell its US 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 22 January, according to an internal memo seen by he Associated Press and Reuters. The TikTok chief executive officer, Shou Zi Chew, said in the memo that ByteDance and TikTok have signed binding agreements with the three investors."
"White House officials have said Oracle, which was co-founded by Donald Trump's supporter Larry Ellison, will license a copy of TikTok's recommendation algorithm as part of the deal, in a partnership that will expand on Oracle's existing management of TikTok's trove of data collected about its US users. Ellison's role in the new ownership of the most popular social media platform in the US has raised concerns about the decreasing share of media firms not under the control of pro-Trump billionaires,"
TikTok has signed a deal to sell its U.S. business to Oracle, Silver Lake and Abu Dhabi-based MGX, allowing the platform to continue operating in the United States. The transaction is expected to close on 22 January. The new U.S. joint venture will be 50% owned by the consortium (15% each for Oracle, Silver Lake and MGX), 30.1% held by affiliates of existing ByteDance investors, and 19.9% retained by ByteDance. Oracle will license a copy of TikTok’s recommendation algorithm and expand its management of U.S. user data. The deal has prompted concerns about media consolidation and political influence.
Read at www.theguardian.com
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