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August 18, 2020 02:44 pm

Oracle Enters Race To Buy TikTok's US Operations

phalse phace writes: Oracle has entered the race to acquire TikTok [Editor's note: the link may be paywalled; alternative source], the popular Chinese-owned short video app that President Donald Trump has vowed to shut down unless it is taken over by a US company by mid-November, people briefed about the matter have said. The tech company co-founded by Larry Ellison had held preliminary talks with TikTok's Chinese owner, ByteDance, and was seriously considering purchasing the app's operations in the US, Canada, Australia and New Zealand, the people said. Oracle was working with a group of US investors that already own a stake in ByteDance, including General Atlantic and Sequoia Capital, the people added. Microsoft has been the lead contender to buy TikTok since it publicly said in early August that it had held discussions to explore a purchase of the app's US, Canada, Australia and New Zealand businesses. Microsoft has also seriously considered a bid to take over TikTok's global operations beyond the countries it outlined this month, people briefed on the company's thinking have said. The Redmond, Washington-based company is particularly interested in buying TikTok in Europe and India, where the video app has been banned by Narendra Modi, Indian prime minister. ByteDance is opposed to selling any assets beyond those in the US, Canada, Australia and New Zealand, said a person close to the company.

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