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TikTok's Chinese owner, ByteDance, said it signed agreements with three major investors to form a joint venture to operate the American TikTok app, led by American and global investors, in an effort to avoid a ban by the US government, a significant step towards ending years of uncertainty.
The agreement is a historic moment for the short-video app that is regularly used by more than 170 million Americans after years of battles that began in August 2020, when President Donald Trump first tried unsuccessfully to ban the app.
The details of the deal are consistent with those revealed in September, when Trump delayed until Jan. 20 the implementation of a law banning the app unless its Chinese owners sell it amid efforts to pull TikTok's U.S. assets from the global platform. He also said the deal met the terms of a stock sale requirement required by a 2024 law.
"We have signed agreements with investors regarding a new TikTok joint venture in the US, enabling over 170 million Americans to continue discovering a world of endless possibilities as part of a vibrant global community," said TikTok CEO Shou Zi Chew.
Under the deal, US and global investors will hold 80.1% of the shares, while ByteDance will retain 19.9% of the shares in the new joint venture after its sale.
Chew said the joint venture will "act as an independent entity with authority over US data protection, algorithm security, content moderation and software assurance."
Despite the demands for a sale, Chew added that TikTok Global's US entities "will manage global product interaction and certain commercial activities, including e-commerce, advertising and marketing."
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