TikTok’s parent company ByteDance has reportedly chosen Oracle as the winning bidder for the video-sharing app, after knocking back Microsoft’s offer.
According to reports, Oracle is set to be announced as TikTok’s “technology partner” in the US.
The deal isn’t being described as an “outright sale” but rather as a corporate restructure, with Oracle set to be named as TikTok’s “technology partner”. The agreement still needs to be approved by the White House and the Committee on Foreign Investment in the US.
Microsoft had initially been the front runner to take over parts of TikTok’s operations, including in Australia. ByteDance had been forced to divest from Tiktok in the US, after President Donald Trump threatened to ban the app if it didn’t do so, citing national security concerns.
It’s unclear whether Oracle’s bid covers TikTok’s Australian operations. The app has been ramping up its local team, announcing two key hires to its content division today.
The new appointments include former YouTube and Google executive Felicity McVay, who joined as director of content partnerships, and Simon Bates, who was named director of content programming for the platform locally.
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.