TikTok’s parent business has agreed to sell US operations to a holding company
ByteDance, the Chinese parent company of the popular video platform TikTok, has agreed to sell its US operations to a holding company led by US investors in order to continue operating legally in the United States, according to media reports on Thursday that had access to a company memo.
The memo was shared by ByteDance CEO Shou Chew and indicates that the new joint venture that will take over TikTok’s operations on US soil will be majority-owned by IT giant Oracle, private equity fund Silver Lake, and Emirati sovereign wealth fund MGX.
These three entities will hold 45% of the shares, while around 33% will be held by subsidiaries of the main investors behind ByteDance, which would retain control of approximately 18% of the remaining shares.
According to media reports, TikTok’s parent business has agreed to sell US operations to a holding company.
