TikTok to sell U.S. unit to investors including Oracle, Silver Lake, Axios says

Social media app TikTok has reached an agreement to sell its U.S. business to a joint venture controlled by U.S.-based investors, Axios’ Sara Fischer reports, citing an internal memo sent by CEO Shou Chew. The deal, which is set to close on January 22, Oracle (ORCL), Silver Lake, and Abu Dhabi-based MGX will collectively own 45% of the U.S. entity, while nearly a third of the company will be held by affiliates of current ByteDance investors, and almost 20% will be retained by ByteDance, the author notes. Publicly traded companies in the social media space include Meta Platforms (META), Pinterest (PINS), Reddit (RDDT) and Snap (SNAP).