TikTok

White House close to approving sale of TikTok’s US unit to investors

Blackstone and Andreessen Horowitz among firms that would wrest control of social media site from China’s ByteDance

The White House is close to endorsing a deal for US investors to buy TikTok’s American operations, wresting control of the popular video app from its Chinese owners.

Under the terms of the transaction, a group of new outside investors including Andreessen Horowitz, Blackstone, Silver Lake and other large private capital firms would own about half of TikTok’s US business, according to several people familiar with the matter. That US unit would be spun off from its Beijing-based parent ByteDance, these people said.

Large existing investors in TikTok, which include General Atlantic, Susquehanna, KKR and Coatue, would also take stakes in the US arm constituting about 30 per cent of the business.

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