TikTok owner signs join venture deal to avoid US ban

The deals would end years of efforts by Washington to force ByteDance to sell its US operations.

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Half of the joint venture will be owned by a group of investors including Oracle, Silver Lake and the Emirati investment firm MGX, according to a memo sent by chief executive Shou Zi Chew.

The deal, which is set to close on 22 January, would end years of efforts by Washington to force ByteDance to sell its US operations over national security concerns.

It is in ​line with a deal unveiled in September, when US President Donald Trump delayed the enforcement of a law that would ban the app unless it was sold.

TikTok said in the memo that the deal would enable "over 170 million Americans to continue discovering a world of endless possibilities as part of a vital global community".