The former owner of the Los Angeles Dodgers and founder of Project Liberty, Frank McCourt, has announced that his organisation, alongside a consortium of partners known as The People’s Bid, intends to make a formal offer to ByteDance to purchase TikTok’s US assets.
This bid is timed in response to a looming deadline of January 19, 2025, after which ByteDance will be required to divest TikTok’s US operations or face a potential ban, under a law signed by President Joe Biden in April 2024.
While the exact value of the proposal has not been disclosed, the consortium emphasised its strong financial backing, citing expressions of interest from major private equity firms, family offices, and high-net-worth individuals.
Additionally, debt financing would be secured from one of the largest banks in the United States to ensure the deal’s completion.
McCourt’s Project Liberty formed the consortium last year with the goal of acquiring TikTok’s US operations.
“Our proposal seeks to preserve TikTok’s presence in the US while also eliminating reliance on its current algorithm. This will allow millions of Americans to continue using the platform, while avoiding a ban,” McCourt said in a statement.
He added that he looks forward to collaborating with ByteDance, President-elect Trump, and the incoming administration to finalise the deal.
Boluwatife Enome
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