TikTok Seals Deal to Operate in US, Ending 6-Year Legal B...

What’s Happening

So get this: The group of non-Chinese investors that will launch the American app include Oracle, Silver Lake and MGX The post TikTok Seals Deal to Operate in US, Ending 6-Year Legal Battle appeared first on TheWrap.

TikTok Seals Deal to Operate in US, Ending 6-Year Legal Battle The group of non-Chinese investors that will launch the American app include Oracle, Silver Lake and MGX Tess Patton @ 4:53 PM on socials on Facebook on X (formerly Twitter) on LinkedIn on Email TikTok CEO Shou Zi Chew arrives for the Inauguration of Donald J. Trump (Kevin Lamarque Pool/) TikToks parent company ByteDance approved a deal for a new American version of the app with a group of non-Chinese investors, including Oracle, MGX and Silver Lake, after a six-year legal battle. (it feels like chaos)

The new venture will operate as an independent entity overseen by a seven-member American board of directors.

The Details

Adam Presser, TikToks operations head, was appointed as CEO as one of its first actions. Silver Lake owns more than 80% of the new venture.

Other investors include Michael Dell, the tech billionaire behind Dell Technologies, an Emirati investment firm, among others. More to come Read Next TikTok Signs US Divestment Deal, Setting Joint Venture With Oracle, Silver Lake to Breaking News.

Why This Matters

Daily updates of the most vital industry news in Hollywood. Email (required) Up, you agree to receive emails from TheWrap. You can un at any time Now Tess Patton Tess joined TheWrap as the company’s first reporting fellow in 2024.

Entertainment industry insiders have been buzzing about this.

Key Takeaways

• Tess is from Birmingham, Alabama and attended the University of Southern California, graduating with degrees in theatre and journalism.
• She also served as the executive editor for Annenberg Media, closely overseeing coverage of campus protests amidst the Israel-Hamas War.

The Bottom Line

Tess is from Birmingham, Alabama and attended the University of Southern California, graduating with degrees in theatre and journalism. She also served as the executive editor for Annenberg Media, closely overseeing coverage of campus protests amidst the Israel-Hamas War.

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