Friday newspaper round-up: TikTok, BP, Hogan Lovells

TikTok has signed a deal to sell its US business to three American investors – Oracle, Silver Lake and MGX – ensuring the popular social video platform can continue operating in the United States. The deal is expected to close on 22 January, according to an internal memo seen by he Associated Press and Reuters. The TikTok chief executive officer, Shou Zi Chew, said in the memo that ByteDance and TikTok have signed binding agreements with the three investors. – Guardian

Britain’s roads and runways will take a festive pounding on Friday as traffic peaks before Christmas and record numbers head to the skies. Motoring organisations are forecasting exceptionally busy roads, with getaways expected to peak on Saturday and Christmas Eve. However, they say the mix of commuter travel, shopping trips and early departures will make Friday the most congested day. – Guardian

BP’s new chief executive must abandon net zero and steer the company decisively back to oil and gas, shareholders have said. Investors said the shock departure of chief executive Murray Auchincloss should prompt the BP to refocus on “what it does best”. The British oil giant shocked the world by announcing the departure of Mr Auchincloss late on Wednesday evening. He is to be replaced by Meg O’Neill, a 55-year-old American who currently heads up the Australian oil and gas company Woodside Energy. - Telegraph

Hogan Lovells, Britain’s sixth highest-earning law firm, is to merge with the oldest legal practice on Wall Street in a deal creating a business with annual revenue of £2.7 billion. In an announcement on Thursday evening, partners in London said that they had struck an agreement with their opposite numbers at Cadwalader in what is expected to result in the creation of the fifth biggest law firm in the world by revenue. – The Times

The American investment firm that owns Waterstones and Barnes & Noble is reported to be gearing up to float the booksellers in London or New York next year. Elliott Management has approached potential advisers about a possible multibillion-pound initial public offering (IPO) and could appoint investment banks in early next year, according to the Financial Times. – The Times