TikTok Says It Signed Agreements for New US Joint Venture (5)

TikTok’s long-delayed plan to separate from Chinese parent ByteDance Ltd. was put in motion Thursday when the video sharing sensation said it’s being bought by a group of buyers led by Oracle Corp.

TikTok Chief Executive Officer Shou Chew told employees that the company and ByteDance signed binding agreements to create a US joint venture majority-owned by American investors, according to an internal memo reviewed by Bloomberg. Chew wrote that he was “pleased to share some great news” and said agreements with Oracle, Silver Lake Management and MGX have been signed. The deal is expected to close on Jan. ...