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Wednesday, September 30, 2020

Oracle in talks to buy TikTok’s US business: Report

Oracle Corp has held preliminary talks with ByteDance Ltd. on a potential bid for part of TikTok’s business, seeking to rival a competing bid by Microsoft Corp.

By: Bloomberg | August 18, 2020 8:54:38 am
TikTok, TikTok ban, US TikTok ban, TikTok suing US, TikTok US legal war, Tech news, Indian ExpressThe Justice Department declined to comment on TikTok’s challenge.

Oracle Corp has held preliminary talks with ByteDance Ltd. on a potential bid for part of TikTok’s business, seeking to rival a competing bid by Microsoft Corp, the Financial Times has reported.

The company controlled by billionaire Larry Ellison is working with TikTok’s U.S. investors including General Atlantic and Sequoia Capital to consider a bid for the viral video app’s operations in the U.S., Canada, Australia and New Zealand, the FT said, citing people briefed on the matter.

The entry of Oracle could challenge Microsoft’s bargaining power as the Redmond-based company had been the only party to publicly confirm it was in talks with ByteDance. President Donald Trump on Friday ordered ByteDance to sell its U.S. assets within 90 days, adding to an earlier executive order that would prohibit U.S. persons and companies from doing business with TikTok effective 45 days from Aug. 6.

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