TikTok signs deal to sell U.S. assets to American investors

(ABC36 NEWS NOW) – TikTok has signed a deal to sell its U.S. assets to a group of American investors, according to a memo sent to employees by the company’s CEO on Thursday.

The agreement appears to bring an end to a years-long process that began during President Donald Trump’s first term, when concerns were raised about the app’s Chinese ownership and data security.

In recent months, finalizing a deal has been a key part of broader negotiations between the United States and China.

A law passed during the Biden administration last year required TikTok’s U.S. operations to be separated from its parent company, ByteDance. Without a deal, the popular social media platform faced the possibility of being banned in the United States.

Details about the investor group and the timeline for completing the sale were not immediately released.