Oracle has won the bidding to take over the U.S. operations of the Chinese-owned social media app TikTok, beating out Microsoft in a deal to allow the platform to continue operating in the United States. According to some sources familiar with the deal, it is closer to a “partnership” than an outright acquisition.
The Wall Street Journal reports that Oracle has won the bidding for the U.S. operations of the popular Chinese-owned video-sharing app TikTok according to people familiar with the matter. Oracle has beaten tech giant Microsoft which initially expressed interest in purchasing the app.
Oracle is reportedly set to be announced as TikTok’s “trusted tech partner” in the United States and the deal will not likely be structured as a direct sale according to sources. The deal must now be approved by the White House and the Committee on Foreign Investment in the United States to approve the deal.