Daily Management Review

WSJ names Oracle Corp. as American buyer of TikTok


American corporation Oracle Corp. won a tender to buy TikTok's US operations, The Wall Street Journal reported, citing a knowledgeable source.

Oracle will be announced as TikTok's “trusted technology partner” in the US, according to the source. In this case, the final transaction will be formalized not as a direct sale, but as a restructuring.

Thus, Oracle will be the technology partner of TikTok owner - Chinese company ByteDance - and will process the data of TikTok users in the United States, the source added. The interlocutor did not specify what part of TikTok's American operations will be retained by ByteDance and its investors.

It is noted that the approval of the US and Chinese governments will be required to conclude the ByteDance deal.

Microsoft previously reported that ByteDance had refused to sell its US TikTok business to it.

On August 6 of this year, US President Donald Trump signed a decree providing for the blocking of TikTok in the country if the service operations in the United States are not sold to an American company by September 15.

The main contenders for the acquisition of TikTok operations were considered Microsoft Corp. and Walmart Inc., with other potential buyers named Oracle Corp. and Twitter Inc.

source: wsj.com