TikTok US saga is done with new joint venture deal
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"For three years in high school, I watched Chinese movies and had this incredibly eye-opening experience,” Presser said in a 2023 interview.
The deal for a consortium of U.S. investors to acquire control of the American assets of the video platform closed Thursday.
TikTok said Thursday that it officially formed a joint venture that will keep the video-sharing app operating in the United States.
The deal ends a six-year long political saga that that started in 2020 when President Donald Trump tried to ban the app over national security concerns during his first term.
TikTok has announced a US-based joint venture to keep the app running in America, with Adam Presser appointed as CEO
A year ago, a law that effectively banned TikTok in the U.S. went into effect, though President Trump has not enforced it.
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 used by more than 200 million Americans.
After more than a year of delays, a joint venture has officially been formed that will allow TikTok to continue to operate in the U.S.
TikTok said that its Chinese owner, ByteDance, had struck a deal with a group of non-Chinese investors to create a new U.S. TikTok, concluding a six-year legal saga.
TikTok has finalized a deal to sell parts of its US business. Oracle, Silver Lake, MGX, and Michael Dell are part of the consortium of new investors.
TikTok picked an insider to lead its newly created US business, choosing an executive with deep ties to the entertainment world and history reporting up to ByteDance Ltd.’s leadership.