May 16, 2024 03:40 AM

Property Mogul Frank McCourt Readying Bid for U.S. TikTok

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ByteDance, which is challenging the U.S. law in court, has said it has no intention of selling the asset

ByteDance, which is challenging the U.S. law in court, has said it has no intention of selling the asset

(Bloomberg) — Frank McCourt, a real estate mogul with ambitions to improve the web, said he plans to build a consortium to bid for social media app TikTok’s U.S. business.

McCourt, who once owned the Los Angeles Dodgers and is executive chairman of investment firm McCourt Global LLC, is an unlikely contender for ByteDance Ltd.’s app. TikTok’s U.S. assets are valued at $35 billion to $40 billion by Bloomberg Intelligence analysts.

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