TikTok confirms deal to create new US venture, averting shutdown by a few hours

TikTok and its Chinese owner ByteDance have officially established a venture to transfer parts of its US business to a consortium of mostly US investors, effectively securing the platform’s future for its 170 million American users. The company made the announcement on Thursday, hours ahead of a Friday shutdown deadline. The deal – first outlined by TikTok chief executive Chew Shou Zi in an internal memo last month – was set to close this week, though it had not previously received the formal...