McCourt Consortium Bids to Acquire TikTok's US Assets
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Entrepreneur and former Los Angeles Dodgers owner Frank McCourt has proposed a formal bid to ByteDance for TikTok's US assets, according to Reuters. This move comes ahead of a January 19 deadline for ByteDance to sell the platform or face a ban under a law signed by President Joe Biden last April.
McCourt's Project Liberty consortium, which includes various partners, submitted the proposal. While the consortium did not disclose the bid's value, it highlighted its financial capacity to complete the transaction. This includes expressions of interest from investors, encompassing major private equity funds, family offices, and high-net-worth individuals, for sufficient equity capital. Additionally, the consortium secured debt financing from one of the largest banks in the United States.
McCourt and his firm Project Liberty formed the consortium last year with the objective of acquiring TikTok's US operations. "By keeping the platform alive without relying on the current TikTok algorithm and avoiding a ban, millions of Americans can continue to enjoy the platform. We look forward to working with ByteDance, President-elect Trump, and the incoming administration to get this deal done," McCourt stated in a press release.