Entrepreneur and former Los Angeles Dodgers owner Frank McCourt’s Project Liberty, along with its consortium, The People’s Bid, announced on Thursday their intention to submit a formal bid to ByteDance for TikTok’s U.S. operations.
The bid comes as ByteDance faces a January 19 deadline to sell the platform or risk a ban under legislation signed by President Joe Biden on April 24.
The consortium did not disclose the bid’s value but stated it has secured financial backing, including commitments from private equity funds, family offices, and high-net-worth individuals for equity capital. Debt financing will be provided by one of the largest banks in the United States.
“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,” McCourt said. “We look forward to working with ByteDance, President-elect Trump, and the incoming administration to get this deal done.”
McCourt and Project Liberty formed the consortium last year with the specific aim of acquiring TikTok’s U.S. operations. The deal, if successful, could provide an alternative solution to address national security concerns while preserving TikTok’s user base in the country.
