The TikTok sale is “officially happening, with a consortium of American investors set to take over U.S. operations of the video platform next month on Jan. 22.” The new U.S. operations of TikTok will have “three ‘managing investors’ that will collectively own” 45% of the company: Oracle Corporation, Silver Lake, and MGX (Abu Dhabi’s state investment firm). Another 5% will be “owned by other new investors,” 30.1% “will be ‘held by affiliates of certain existing investors of ByteDance;” and 19.9% “will be retained by ByteDance.” Some terms of the deal include “‘retraining the content recommendation algorithm on U.S. user data to ensure the content feed is free from outside manipulation,’ Oracle overseeing data protection, and specifying that ‘ultimate decision-making authority for reviewing and approving all content moderation and related policies within the United States’” (HOLLYWOOD REPORTER, 12/18).
TikTok sale becomes official, with Oracle, Silver Lake as investors
