Billionaire Frank McCourt says he’s putting together a consortium to buy TikTok

Billionaire businessman and real estate mogul Frank McCourt said he’s putting together a consortium to purchase TikTok’s U.S. business, adding to the number of investors hoping to benefit from a new federal law that requires TikTok’s China-based parent company to sell the popular platform or face a ban.

The announcement, made Wednesday, said the former owner of the Los Angeles Dodgers was organizing the bid in consultation with the investment bank Guggenheim Securities and “with the goal...