ByteDance signs off on new US shareholders for TikTok
TikTok has agreed to a new joint venture for its US business, with the investors Oracle, Silver Lake and MGX. The deal, designed to ensure compliance with a US law requiring local ownership, is expected to close on 22 January, according to an internal memo seen by The Associated Press and other US media. In the communication, CEO Shou Zi Chew confirmed to employees that TikTok and its parent ByteDance signed the binding agreements with the consortium.