Murdochs, burned on Myspace, look for the return to the social with Tiktok

Fox plans to invest in Tiktok as part of a group that includes Oracle Corp., Andreessen Horowitz and Silver Lake Management in an agreement orchestrated by the US government, Bloomberg News reported. President Donald Trump said on Sunday that Fox CEO Lachlan Murdoch, and his father Rupert would have a role in the business.

The Trump administration is pressure for the sale of Tiktok American operations to comply with a law forcing the Chinese owner of the application to be given in or to face a ban on the platform in the United States. The legislation was adopted as a result of the concerns that Tiktok accesses personal information on the Americans.

A potential link with the popular tiktok service will help Fox reach new audiences of new ways, by exposing them to everything, television broadcasts broadcast to streaming companies such as Tubi and Fox One, a paid online platform.

Rupert Murdoch, founder of Fox and News Corp., bought the Myspace social media service in 2005 for $ 580 million. This company, which was popular with musicians seeking to promote their music, could not ultimately follow consumer tastes and the rise of Facebook. Murdoch sold the company six years later for $ 35 million.

The Tiktok investment details offered by Fox are not known. A spokesperson for the company refused to comment. Tiktok belongs to Bytedance Ltd.

Murdochs control the news corp. And Fox focused on printing, the parent of Fox News and other channels. They had some success with minority investments. Fox has 2.4% participation in Flutter Entertainment PLC, one of the largest online Paris companies in the world. It also has the possibility of buying a 19% stake in Fanduel, US ARM from Flutter.

Rupert Murdoch retired as president of the two companies in 2023, but has always been involved in major decisions. Hound of news that has long played an active role in the development of the political fortunes of the United Kingdom to its native Australia, Murdoch would potentially obtain a voice in an influential social media company, popular with people who do not subscribe to conventional salary television or printed publications.

The Murdochs recently restructured a family trust to give Lachlan Murdoch control of their empire.

The proposed Tiktok agreement comes three years after Elon Musk bought Twitter and renamed service X. Last week, Bloomberg reported that sales to a slight decline during the second quarter of the first quarter, reporting that the social network had struggled to rely on the expenses that rushed when Musk was at the center of the American policy.