TikTok signs deal to sell US unit to American investors

SAN FRANCISCO -- TikTok has signed a woody to merchantability its U.S. concern to 3 American investors - Oracle, Silver Lake and MGX - ensuring the fashionable societal video level tin proceed operating successful the United States.

The woody is expected to adjacent connected Jan. 22, according to an interior memo seen by The Associated Press. CEO Shou Zi Chew said successful the memo that ByteDance and TikTok person signed binding agreements with the 3 investors.

The caller TikTok U.S. associated task volition beryllium 50% held by a consortium of caller investors, including Oracle, Silver Lake and MGX with 15% each. Another 30.1% volition beryllium held by affiliates of existing ByteDance investors and 19.9% volition beryllium retained by ByteDance, according to the memo.

(AP Photo/Anjum Naveed, File)