A year after All Def Digital, one of the web’s biggest Black-owned digital sites, collapsed in the aftermath of #MeToo allegations against founder Russell Simmons, the reborn company is charting a new course led by two former tech executives and backed by an ownership group that includes music and sports notables such as T.I., Killer Mike, Jason Geter, and Baron Davis.
The new ADD is moving beyond the original platform’s tight digital focus on hip hop, comedy and slam poetry. Under new CEO Cedric J. Rogers and partner Shaun Newsum, the new ADD is exploring more genres and distribution approaches. It’s also expanding relationships and programming ventures with traditional media companies, working with WarnerMedia-owned FullScreen, and Comcast CMCSA -backed production company Jupiter Entertainment, to beef up its programming, creator networks, brand relationships, and several new initiatives.
Oracle Corp. said Saturday it had reached a deal with China’s ByteDance to become the secure cloud technology provider for its video sharing app, TikTok, and take a minority stake in the company along with Walmart .
In a deal that also received the “blessing” of President Donald Trump, Oracle and Walmart would combine to own around 20% of TikTok’s global business, which includes its U.S. operations. TikTok Global, ByteDance said, will ultimately be taken public through a listing that could value the business at around $60 billion, according to Bloomberg.
ByteDance said the new company would be located in the United States, with President Trump adding that 25,000 new jobs will be created along with a $5 billion investment in ‘education fund’.