TikTok has reportedly chosen a buyer and could announce a deal to sell its US business as early as tomorrow
- TikTok has found a buyer for its US operations and could announce the deal as early as Tuesday, CNBC reported, citing sources familiar with the matter.
- TikTok’s Chinese parent company, ByteDance, has a matter of weeks to sell its US business before a Trump executive order banning the app goes into effect.
- The company is weighing a joint bid from Microsoft and Walmart, as well as an offer from Oracle, among others.
- Former CEO Kevin Mayer said a deal was close when he resigned last week, telling employees to expect “a resolution very soon.”
CNBC reported that the announcement could come as early as Tuesday, citing sources familiar with the matter.
The company has to finalise the sale in a matter of weeks to avoid a ban on its operations ordered by President Donald Trump. China further complicated that timeline on Friday, when it announced new rules that could give the Chinese government veto power over a potential sale.
Analysts see a joint bid from Microsoft and Walmart as the strongest offer to buy TikTok, which is also weighing an offer from Oracle. A slew of other potential buyers have been rumoured in recent weeks, including Netflix, Apple, and Alphabet. Analysts expect the sale price to be around $US20 billion to $US30 billion.
Former CEO Kevin Mayer signalled that a deal could be imminent when he resigned from the company last week. In his resignation letter, Mayer told employees to anticipate “a resolution very soon.”
A TikTok spokesperson declined to comment.
Reference by: Business Insider
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