Project Liberty, led by entrepreneur and former Los Angeles Dodgers owner Frank McCourt, along with its consortium partners in The People’s Bid, announced a formal bid proposal for TikTok’s U.S. assets from ByteDance on Thursday. This development comes just ahead of a critical January 19th deadline. ByteDance faces a potential ban under a law signed by President Joe Biden on April 24th if a sale of the platform isn’t completed by that date.
While the consortium refrained from disclosing the specific monetary value of their proposal, they emphasized their robust financial standing to finalize the acquisition. The group cited significant expressions of interest from diverse investors, encompassing major private equity funds, family offices, and high-net-worth individuals, all pledging sufficient equity capital. Furthermore, they secured debt financing commitments from a leading U.S. bank.
McCourt and Project Liberty established the consortium in the previous year with the explicit goal of acquiring the U.S. operations of the popular social media platform, TikTok. This strategic move underscores the significant value and potential of TikTok within the American market.
The consortium’s proposition centers on maintaining TikTok’s presence in the U.S. without dependence on the existing algorithm, thereby averting a potential ban. This approach would allow millions of American users continued access to the platform. In a statement, McCourt expressed a commitment to collaborating with ByteDance, as well as the relevant governmental authorities, to successfully navigate the complexities of this deal. This collaborative effort aims to ensure a smooth transition and a positive outcome for all stakeholders involved.
