The deal avoids the threat of the popular app being banned in the U.S. over national security concerns.
The deal will be finalized this week
The social video platform company signed agreements with major investors including Oracle, Silver Lake and MGX.
Majority US-owned venture includes Larry Ellison’s Oracle, private-equity group Silver Lake and Abu Dhabi’s MGX
TikTok announced Thursday that its China-based parent company, ByteDance, has sold its majority stake in the U.S. business rights of its social media platform to a group of…
The app was due to be banned in the US a year ago if its Chinese owner hadn't sold its business in America.
TikTok has finalized a deal to create a new American entity, avoiding the looming threat of a ban in the United States that has been in discussion for years on the platform now…
It comes after TikTok faced years of intense scrutiny in the US due to concerns about user data privacy.