“We’ve put forward a proposal to ByteDance to realize Project Liberty’s vision for a reimagined TikTok,” McCourt said. “Our plan ensures the platform thrives under American stewardship while addressing critical security and data concerns.”
Financial and Strategic Backing
Project Liberty said it has secured substantial financial commitments to support the acquisition. The group cited interest from major private equity funds, family offices, and high-net-worth individuals, alongside debt financing from one of the largest U.S. banks.
Founded in 2019 with a $500 million investment by McCourt, Project Liberty aims to build a more equitable internet by giving users a voice, choice, and stake in the digital ecosystem.
Legal Representation
Kirkland & Ellis’ legal team for Project Liberty includes partners Adam Phillips, Carlo Zenkner, Ivan Schlager, Jennifer Lee, and Jeff Norman. The firm’s role underscores the high-stakes nature of the negotiations as the deadline looms.
As discussions advance, Project Liberty hopes to strike a deal that aligns with its mission of creating a safer, user-centered internet while addressing the concerns that have placed TikTok at the center of a geopolitical debate.
