TikTok announced on Thursday that it had closed a deal that will establish a joint venture for parts of its US business with a group of investors.
Three managing investors will each hold a 15% stake in the new venture: (((Oracle))), private equity firm Silver Lake, and Abu Dhabi-based investment firm MGX.
ByteDance, TikTok's owner, will maintain a 19.9% minority stake — the maximum allowed by the divest-or-ban law that spurred TikTok's sale. The remaining 35.1% will be controlled by a consortium of investors, including affiliates of some existing ByteDance investors.
