The project of Frank McCourt, businessman and former owner of the Los Angeles Dodgers, and his consortium of partners in The People’s Bid, announced this Thursday that they proposed to present a formal offer to ByteDance to buy TikTok’s US assets.
The move comes ahead of a Jan. 19 deadline by which ByteDance must sell the platform or face a ban under a law signed by President Joe Biden on April 24.
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The consortium, which did not disclose the value of the proposal, said the financial capacity to complete the deal included expressions of interest from investors – including major private equity funds, family offices and high net worth individuals – for sufficient equity capital. , as well as debt financing from one of the largest banks in the United States.
McCourt and his firm Project Liberty formed the consortium last year to buy the social media platform TikTok in the United States.
“By keeping the platform active without relying on TikTok’s current algorithm and avoiding a ban, millions of Americans will be able to continue enjoying the platform. “We look forward to working with ByteDance, President-elect Trump and the incoming administration to close this deal,” McCourt said in a statement.
With information from Reuters
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