TikTok signs deal for sale of its U.S. unit to joint venture

Julia Boorstin (Senior Media & Tech Correspondent) 00:00.110

confirmed with sources close the situation that tick tock has signed the agreements with its investors regarding a new tick tock US joint venture we've obtained a memo sent from show two the CEO of tick tock two employees with an update in the US business in which he confirms

Julia Boorstin (Senior Media & Tech Correspondent) 00:17.390

the closing date of january twenty second twenty twenty six this is the date from that trump had set as the the final deadline he notes that they have signed the agreement and he notes that the US joint venture will be half held fifty percent held by a consortium of new

Julia Boorstin (Senior Media & Tech Correspondent) 00:33.630

investors including oracle silverlake and MGX with fifteen percent each thirty point one percent held by affiliates of certain existing investors of byte dance in nineteen point nine percent retained by bite dance so in this they go on to talk about how the US joint venture will

Julia Boorstin (Senior Media & Tech Correspondent) 00:50.150

oversee data protection algorithm security content moderation and also software assurance again these comments written by chou chou in a letter to his employees which CNBC has obtained we're going to send it back to you melissa i'm

Melissa Lee (Anchor) 01:05.230

sorry julia if you had outlined this but the fifty percent that is owned outside oracle is the is the largest holder of that fifty percent and who are the remainder remainder

Julia Boorstin (Senior Media & Tech Correspondent) 01:14.670

silverlake and MGX along with oracle will hold fifteen percent each and then thirty point one percent will be held by certain existing investors and then what's really essential here melissa because this is what's been holding up this deal is that nineteen point nine percent

Julia Boorstin (Senior Media & Tech Correspondent) 01:31.350

will be retained by bite dance and that's the essential piece here is pushing the US ownership over fifty percent and bite dances ownership down to that under twenty percent