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Billionaire McCourt Open to Keeping Original Investors in Any TikTok Deal

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Business magnate Frank McCourt has expressed a willingness to include TikTok’s current investors, including its founder, in any potential deal to purchase the U.S. operations of the app, which is currently owned by the Chinese company ByteDance. McCourt confirmed in an interview with Reuters that his consortium, Project Liberty, has formally offered to buy TikTok from ByteDance, with a valuation of the app—excluding its algorithm—set at approximately $20 billion.

The bid, McCourt noted, is not contingent upon the involvement of major U.S. investment firms like General Atlantic, Susquehanna, and Sequoia Capital, who hold stakes in ByteDance. McCourt, however, indicated that his group is open to keeping existing investors, including ByteDance founder Zhang Yiming, involved in the deal, pending approval from the Committee on Foreign Investment in the United States (CFIUS).

ByteDance did not respond to a request for comment regarding the proposed deal. McCourt also stated that Project Liberty has developed a technological solution that addresses the national security concerns that led to U.S. legislation demanding ByteDance divest its ownership of TikTok by Sunday, or face a potential ban in the U.S.

In related developments, President-elect Donald Trump’s incoming national security adviser affirmed that the new administration will work to keep TikTok operating in the U.S. if a viable deal is reached.

 

US Foreign Investment Panel Deadlocked Over Nippon-U.S. Steel Deal

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The U.S. Treasury has informed Japan’s Nippon Steel that the Committee on Foreign Investment in the U.S. (CFIUS) has yet to reach a consensus regarding its proposed $14.9 billion acquisition of U.S. Steel, according to a report by the Financial Times on Sunday.

The Treasury, which leads the CFIUS review process, reportedly sent a letter to both companies on Saturday, indicating that the nine-member panel remains divided on how to address security concerns raised by the deal. The committee is approaching a Dec. 22 deadline to decide whether to approve, block, or extend the review timeline for the acquisition.

CFIUS, which assesses foreign investments for potential national security risks, has expressed reservations about the deal. In September, the panel warned both Nippon Steel and U.S. Steel that the acquisition posed risks to the U.S. steel supply chain, particularly in sectors critical to transportation, construction, and agriculture.

The proposed acquisition has faced significant political pushback. Both President Joe Biden and his successor, Donald Trump, have signaled their opposition to the deal, further complicating its prospects.

While neither U.S. Steel nor CFIUS has commented on the Financial Times report, Nippon Steel declined to provide a statement. The deal’s future remains uncertain, as the CFIUS panel weighs the implications for national security amid ongoing scrutiny of foreign investments in critical industries.

Biden Administration Gives Japanese Steelmaker More Time to Make Case for Controversial Deal

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Nippon Steel, Japan’s largest steelmaker, has been granted an additional 90 days to re-file its application for a national security review of its $15 billion takeover bid of US Steel. This extension comes as political opposition mounts during an election year, with President Joe Biden, former President Donald Trump, and Vice President Kamala Harris all voicing opposition to the deal.

The Committee on Foreign Investment in the United States (CFIUS) has been reviewing the acquisition of Pittsburgh-based US Steel for months, citing national security concerns. Given the White House’s indications that it would block the deal and CFIUS officials wanting to avoid political pressures, the decision to extend the timeline seemed the best option.

The takeover has become a contentious issue, with Rust Belt Democrats such as Sen. Sherrod Brown of Ohio and Sen. John Fetterman of Pennsylvania also opposing the deal. The United Steelworkers union, which has endorsed Harris for president, has been a vocal critic of the acquisition.

US Steel has warned that, without Nippon Steel’s support, it could face layoffs and mill closures. The sale process for US Steel began in 2023, following an unsolicited $7 billion offer from Cleveland Cliffs. Nippon’s $14.9 billion bid emerged as the preferred option. Japanese Prime Minister Fumio Kishida previously indicated that the legal reviews would determine the deal’s outcome.

Business groups have expressed concern over the politicization of the CFIUS process, urging Treasury Secretary Janet Yellen to ensure national security risks are evaluated on their merits.