China’s ByteDance has picked a consortium led by Oracle Corp to buy the U.S. operations of short-video app TikTok, beating out rival bidder Microsoft, a person familiar with the matter told Reuters on Sunday.
ByteDance has been in talks to sell TikTok’s U.S. business to potential buyers since U.S. President Donald Trump threatened last month to ban the service if it was not sold by mid-September.
ByteDance will need approval for the deal from governments of the United States and China.
Microsoft said earlier on Sunday it was informed by ByteDance that it would not be selling TikTok’s U.S. operations to Microsoft.
