A proposal document viewed by CNBC, which was shared with ByteDance and prospective new investors, detailed the creation of a new U.S. holding company, "NewCo."

Perplexity AI has reportedly revised its initial offer to merge with TikTok — this time with a carveout to give the U.S. government 50% control in a future initial public offering (IPO).

Perplexity AI revised the merger proposal it had submitted to TikTok parent ByteDance, CNBC reported on Sunday. The proposal, to create a new entity combining Perplexity and TikTok U.S., would now also allow for the U.