00:00A preliminary agreement with transfer ownership of TikTok from China's ByteDance to the U.S. consortium led by Oracle without granting the U.S. government inequity stake or golden share.
00:11The American group will license TikTok's algorithms and retrain it domestically to protect user data as well as cut off Chinese access.
00:19ByteDance's stake would drop below 20%, satisfying a U.S. law requiring the company to divest.
00:25The deal is expected to be finalized this week.
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