Frank McCourt, Kevin O’Leary lead bid to buy TikTok as US ban looms

KARAH RUCKER: Two entrepreneurs – one billionaire sports team owner and one investor known for his role in a business-themed reality TV show – are joining together in a last-ditch effort to buy TikTok.

The incredibly popular social media app, owned by Chinese company ByteDance, faces a January 19th deadline to either sell to a U.S.-based owner or face a potential ban.

Frank McCourt, former owner of the Los Angeles Dodgers baseball team and current owner of French soccer club Olympique Marseille, is leading the bid through his nonprofit Project Liberty.

In announcing the effort, McCourt said Kevin O’Leary, the Canadian-born businessman known for his appearances as an investor on the TV show “Shark Tank,” is also a partner in the bid.

The law allows President Joe Biden to delay a decision to apply the ban by 90 days if there is a potential buyer who could reasonably reach a deal with ByteDance.

O’Leary hopes this offer will meet that standard.

KEVIN O’LEARY / Investor in TikTok Bid: O’LEARY: I INTEND TO BE THERE WITH AN LOI THAT BIDEN CAN LOOK AT AND SAY THIS IS A VIABLE ALTERNATIVE. I’M GOING TO STAY THE SITUATION FOR 90 DAYS TO LET THE ECONOMY ENGAGE WITH THIS BUYER.”

KARAH RUCKER: The offer would build on McCourt’s ongoing efforts to decentralize the internet and operate the app *without* TikTok’s algorithm, which drives targeted content to viewers based on what they engage with the most.

In a statement Thursday announcing the bid, McCourt said, “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. We look forward to working with ByteDance, President-elect Trump, and the incoming administration to get this deal done.”

President-elect Trump opposes the TikTok ban, which would take effect one day before he assumes office. The president-elect wrote to the Supreme Court, urging it to block the ban in order to let him take action on it. The court will hear arguments from TikTok and the Justice Department on Friday.

Last April, President Biden signed the law forcing TikTok to either sell to a U.S. owner or face a ban.

The bill passed both the House and Senate with wide support from both Democrats and Republicans. 

Advocates have worried about the influence China’s ruling Communist Party could have on both ByteDance and on the 170 million Americans who use TikTok.

For Straight Arrow News, I’m Karah Rucker.

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