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

(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.