Oracle in talks to acquire TikTok business, challenging Microsoft - FT
Aug. 18, 2020 12:13 AM ETOracle Corporation (ORCL)MSFT, ORCL, BDNCEBy: Jason Aycock, SA News Editor78 Comments
- Oracle (NYSE:ORCL) has jumped into the hot TikTok talks, the Financial Times reports - squaring off again against rival Microsoft (NASDAQ:MSFT), with preliminary discussions on a potential bid for part of TikTok's business.
- That's no doubt a ding to Microsoft's bid, presenting TikTok with another bargaining chip as it squares off against an executive order from President Trump to divest its U.S. assets within 90 days.
- Oracle is working with some of TikTok's existing investors, including General Atlantic and Sequoia Capital, in order to pursue the ByteDance-owned (BDNCE) company's operations in North America, Australia and New Zealand, according to the report.
- CNBC's Alex Sherman says Oracle's talks with TikTok are ongoing, and have progressed in recent days. Oracle and Microsoft are reportedly far ahead of any other contenders for the TikTok business.