Frank McCourt Eyes TikTok Takeover With Strategic Partnerships

Frank McCourt is open to partnerships for acquiring TikTok's U.S. operations, prioritizing control over finances. He plans to migrate users to Project Liberty's platform. McCourt's bid, amidst U.S. government's TikTok scrutiny and judicial actions, could leverage existing investors' support to minimize acquisition costs.

U.S. entrepreneur Frank McCourt expressed willingness to partner with other investors in his bid to acquire the U.S. operations of TikTok, provided he retains control over the asset. Speaking at the Davos event, McCourt emphasized that securing capital is not the main challenge; rather, issues lie with ByteDance and the Chinese government.

President Trump's recent executive order delayed banning the app, with his hopes for a 50% U.S. ownership stake, possibly through billionaires like Elon Musk. Meanwhile, McCourt's Project Liberty aims to acquire TikTok's assets, offering existing investors a chance to roll over stakes, potentially reducing the capital required, despite TikTok's legal challenges.

McCourt, who has never used TikTok, sees value in its user base and brand, excluding its recommendation algorithm, planning to integrate the app's U.S. users into Project Liberty's network. Flexible on financial terms, McCourt insists on control to meet legislative demands following a Supreme Court decision.

(With inputs from agencies.)