TikTok Owner Signs Deal To Avoid US Ban

TikTok’s owner ByteDance has signed a deal creating a U.S.-focused joint venture majority-owned by American and global investors, allowing the app to avoid a U.S. ban while ByteDance retains a minority stake. The BBC reports: Half of the joint venture will be owned by a group of investors including Oracle, Silver Lake and the Emirati investment firm MGX, according to a memo sent by chief executive Shou Zi Chew. The deal, which is set to close on January 22, would end years…