US TikTok says it reached deal to split from China’s ByteDance

TikTok took a major step Thursday toward splitting from its Chinese parent, ByteDance, announcing a sale to a buyer group led by Oracle Corp.

CEO Shou Chew said a joint venture, majority-owned by American investors, will run TikTok’s US operations.

The deal, valued at around $14 billion, is set to close on January 22, pending Chinese approval.

The new US entity will control data protection, content moderation, and algorithms, and will be governed by a seven-member, majority-American board.

Oracle, Silver Lake, and MGX each gain 15% ownership, while ByteDance retains 19.9%, and 30.1% stays with existing investors.

The move addresses national security concerns and could ease US-China tensions, while TikTok continues expanding in ecommerce and live events.