TikTok U.S. Survival Deal and Major Industry News
Amid ongoing tension, President Trump has announced a deal with China to keep TikTok operational in the U.S., delaying a potential ban to December 16. Under the plan, U.S. investors will own 80% of a new entity, with Oracle and others leading the consortium, while American oversight aims to address data security concerns. TikTok users will transition to a new app using ByteDance’s content algorithms.
Additionally, Penske Media has filed a lawsuit against Google, claiming its AI Overviews misuse journalism and reduce traffic to its sites, including Rolling Stone, Billboard, and Variety. This marks a significant action for digital media integrity.
In other news, Microsoft and OpenAI’s partnership has evolved, allowing OpenAI to restructure as a for-profit company amid a $500 billion valuation goal. Lastly, Kering reported a data breach affecting millions of luxury shoppers, emphasizing the rising concerns over data security in the industry.
