China’s ByteDance Ltd. would retain a majority ownership stake in its TikTok app unit as part of a proposal being reviewed by national-security regulators, with an eye toward settling the high-profile deal by a deadline Sunday, according to a person familiar with the situation.
The Committee on Foreign Investment in the U.S., known as Cfius, which includes officials from the Treasury, State, Commerce and other departments, reviewed the deal late Tuesday afternoon but didn’t immediately announce a recommendation.
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