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TikTok signs joint venture deal to end US ban threat: US media

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TikTok signs joint venture deal to end US ban threat: US media

In this photo illustration, the TikTok app is seen on a phone on March 13, 2024 in New York City. (AFP/ file)

WASHINGTONTikTok said Thursday it had signed a joint venture deal with investors that would allow the company to maintain operations in the United States and avoid a ban threat over its Chinese ownership, US media reported.


According to an internal memo cited by Bloomberg and Axios, TikTok CEO Shou Chew told employees that the social media company as well as its Chinese owner ByteDance had agreed to the new entity, with Oracle, Silver Lake and Abu Dhabi-based MGX as major investors.


The deal largely confirms a September announcement by the White House that said the new venture would meet the requirements of a 2024 law that threatened to ban the wildly popular app in the United States if ByteDance stayed majority owner.