TikTok owner agrees to sell US business

TikTok’s boss told employees on Thursday that ByteDance, TikTok’s Chinese owner, has signed binding agreements with US and global investors to sell most of its business in America.

Half of the joint venture will be owned by a group of investors including Oracle, Silver Lake and Emirati investment firm MGX, according to a memo sent by CEO Shou Zi Chew.

The deal, scheduled to close on Jan. 22, would end Washington’s years-long efforts to force ByteDance to sell its U.S. operations over national security concerns.

The deal is in line with one announced in September, when US President Donald Trump delayed the enactment of a law that would ban the app unless it is sold.

In the note, TikTok said the deal will enable “more than 170 million Americans to continue exploring a world of endless possibilities as part of a vital global community.”

The White House referred the BBC to TikTok when contacted for comment.