TikTok finally signs deal to sell its US entity to joint venture controlled by American investors

TikTok has signed a deal to sell its U.S. entity in a joint venture controlled by American investors Oracle and Silver Lake along with Abu Dhabi-based MGX. Those firms are set to own 45 percent of the U.S. company, at 15 percent each, while roughly one-third will be held by affiliates of existing ByteDance investors. Nearly 20 percent will be retained by ByteDance. The closing date for the new entity, USDS Joint Venture LLC, is January 22, according to an internal memo. The joint venture will be “majority owned by American investors, governed by a new seven-member majority-American board of…