"A Fox Corp. investment in TikTok would give the Murdoch media empire a platform with 170 million US users to promote a broad range of TV programming - from the NFL to The Simpsons - and a chance to redeem the family's catastrophic purchase of MySpace 20 years ago. Fox is considering making an investment in TikTok as part of a group that includes Oracle Corp., Andreessen Horowitz and Silver Lake Management in a deal orchestrated by the US government, Bloomberg News reported."
"Rupert Murdoch, founder of both Fox and News Corp., bought the social media service MySpace in 2005 for $580 million. That business, which was popular with musicians looking to promote their music, ultimately couldn't keep up with changing consumer tastes and the rise of Facebook. Murdoch sold the company six years later for $35 million. The details of Fox's proposed TikTok investment aren't known. A spokesperson for the company declined to comment. TikTok is owned by ByteDance Ltd."
Fox is considering an investment in TikTok as part of a group that includes Oracle, Andreessen Horowitz and Silver Lake in a deal connected to the U.S. government. President Trump indicated Lachlan and Rupert Murdoch would have roles in the business. The U.S. is pressing for a sale of TikTok's American operations under a law requiring divestiture amid concerns about access to Americans' personal information. A TikTok tie-in could help Fox reach younger audiences and cross-promote broadcast shows and streaming services like Tubi and Fox One. Details of the proposed investment remain unknown.
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