"We see this as a true partnership, leveraging our strengths to address security, data, and content challenges while unlocking massive potential," the company said in the blog post.
AppLovin CEO Adam Foroughi previously told CNBC's "The Exchange" in April that its proposal involving TikTok represented a "much stronger bid than others."
Last month, President Donald Trump extended the deadline a second time for ByteDance to sell TikTok to an American buyer or be effectively banned in the country.
"If you pair our algorithm with the TikTok audience, the expansion on that platform for dollars spent will be through the roof," Foroughi said at the time.