ByteDance established a joint venture in the US with Silver Lake, Oracle, and MGX to keep its TikTok accessible for the 200 million US users of the short-video platform, the Chinese firm announced today. The three US companies will each own a 15 percent stake in the JV, while ByteDance will have a 20 percent stake. Adam Presser was named the JV’s CEO, and Will Farrell its CSO.
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