TikTok signs deal to sell US unit to American investors

China's ByteDance said it signed binding agreements with three major investors to form a joint venture to operate TikTok's US app, aiming to avoid a US government ban. Under the deal, American and global investors will hold 80.1%, while ByteDance will retain 19.9%. ByteDance and TikTok have partnered with Oracle, Silver Lake and MGX to form the joint venture.