US President Donald Trump will sign the deal to divest TikTok's US operations from its Chinese owner ByteDance on Thursday, Reuters reported, citing a White House source with knowledge of the matter.
Last week, the US and China announced a framework agreement that would allow TikTok to continue operating in the US under American-controlled ownership.
Over the weekend, Trump said in an interview that Fox Corp chairman Rupert Murdoch and CEO Lachlan Murdoch are likely to be part of the group of investors buying the US arm of TikTok.
Also reportedly involved in the ownership group is Oracle Corp, Andreessen Horowitz and Silver Lake.
Oracle, already a partner through its “Project Texas” cloud-hosting deal, will continue managing US user data.
TikTok’s US arm is estimated to be worth $35 billion to $40 billion.
TikTok has about 170 million users in the US.