TikTok US JV closed (Jan 2026, ByteDance 19.9%); CapCut more features paywalled while absent from US app stores

Does not pass materiality for GoPro. The development bundle is real but its GPRO-relevant content is small, indirect and mixed-direction: (1) the JV removes the ban overhang for the ByteDance US app portfolio including CapCut - a mild stabilizer for the creator ecosystem GoPro sells into, not a shock; (2) CapCut's paywall expansion is a multi-year pre-JV trend whose strongest GPRO linkage (Quik-subscription substitution) is weak because GoPro…