Frank McCourt’s Project Liberty proposes TikTok US buyout
A consortium led by Frank McCourt is seeking to acquire TikTok’s US operations.
Frank McCourt’s Project Liberty, along with a group of partners, has formally proposed a bid to acquire TikTok’s US assets from ByteDance. The consortium announced its intentions just ahead of ByteDance’s January 19 deadline to sell the platform or face a ban under legislation signed by President Joe Biden in April.
The group has gathered sufficient financial backing, including interest from private equity funds, family offices, and high-net-worth individuals, with debt financing from a leading US bank. The proposed value of the deal has not been disclosed.
McCourt stated the goal is to keep TikTok accessible to millions of US users without relying on its current algorithm while preventing a ban. Efforts are underway to engage with ByteDance, President-elect Trump, and the incoming administration to finalise the deal.
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