TikTok signed agreements to create a new US joint venture. The company said yesterday that it had signed the deals, moving forward with a plan to avoid the app being banned in the US. The agreements are with Oracle, Silver Lake Management, and Abu Dhabi-based MGX. When the deal closes, which is expected to happen next month, it will create a company separate from TikTok’s Chinese parent, ByteDance, that will be majority-owned by the American investors. The new company will be responsible for protecting data, moderating content, and the algorithm’s security in the US, according to a memo to TikTok employees viewed by news outlets.
