Beijing: TikTok owner ByteDance announced a joint venture with US and global partners to operate its American TikTok business in the US and avoid a ban.
The group of investors includes Oracle and Silver Lake, among others. They are set to control 80.1 percent of the new entity, while ByteDance will maintain a 19.9% stake.
TikTok CEO Shou Zi Chew said that the deal will allow the new joint venture to operate independently, maintaining its service to 170 million Americans while adhering to data protection requirements in the country.
