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TikTok announces it has finalized deal to establish US entity, sidestepping ban

Media | The Guardian · Sam Levin and Mark Sweney · last updated

Majority US-owned venture includes Larry Ellison’s Oracle, private-equity group Silver Lake and Abu Dhabi’s MGX

TikTok announced on Thursday it had closed a deal to establish a new US entity, allowing it to sidestep a ban and ending a long legal battle.

The deal finalized by ByteDance, TikTok’s Chinese owner, sets up a majority American-owned venture, with investors including Larry Ellison’s Oracle, the private-equity group Silver Lake and Abu Dhabi’s MGX owning 80.1% of the new entity, while ByteDance will own 19.9%.

 

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Related Knowledge Center: The TikTok ban

State of Play

The U.S. Congress passed and President Joe Biden signed into law a measure banning TikTok if it weren’t sold by its Chinese ownership. But now-President Donald Trump gave the service a reprieve, and a sale of its U.S. operations appears imminent.

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