The internet advocacy group's proposed purchase would bring TikTok under American ownership and prevent it from being banned in the U.S.

Frank McCourt’s Project Liberty consortium has proposed to buy TikTok’s US assets, securing financial backing for the deal.

Project Liberty, advised by Kirkland & Ellis LLP, has submitted a formal offer to acquire TikTok's U.S. assets just 10 days before the video-sharing app faces a federally mandated deadline to divest from its Chinese parent,