TikTok's US Sale Finally Happens, Oracle and Silver Lake to Take Control
TikTok has finalized the deal to sell its US business, according to reports from Axios, The Hollywood Reporter, and CNBC. The deal will close on January 22nd, with Oracle, Silver Lake, and Abu Dhabi's MGX owning 45% of the company.
Deal Structure
The deal will see Oracle, Silver Lake, and Abu Dhabi's MGX owning 45% of TikTok's US business. The remaining 55% will be owned by ByteDance, the Chinese parent company of TikTok.
Timeline
The deal is expected to close on January 22nd, with the new ownership structure taking effect immediately.
Impact
The sale of TikTok's US business marks a significant shift in the company's ownership structure. The deal is expected to have a major impact on the company's operations and strategy in the US market.
Quotes
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Details
- The deal will close on January 22nd
- Oracle, Silver Lake, and Abu Dhabi's MGX will own 45% of TikTok's US business
- ByteDance will own 55% of TikTok's US business