TikTok signs deal for sale of US unit after years-long saga

TikTok will sell its U.S. operations to a joint venture led by American investors, according to an internal memo. This deal addresses national security concerns tied to its Chinese parent company, ByteDance.

The agreement is expected to close on January 22. Oracle, Silver Lake, and MGX will own 45% of the U.S. entity, while existing ByteDance investors will hold nearly a third, and ByteDance will retain about 20%.

In September, a deal was reached between the White House and the Chinese government to facilitate this sale. The push for a sale began when Trump issued an executive order in 2020, leading to congressional action in 2024.