Oracle beat Microsoft in the battle for the U.S. arm of TikTok with a deal structured as a partnership rather than an outright sale to try to ...
REUTERS: Oracle beat Microsoft in the battle for the U.S. arm of TikTok with a deal structured as a partnership rather than an outright sale to try to navigate geopolitical tensions between Beijing and Washington, people familiar with the matter said.
On Monday, China's state-run English television channel CGTN cited sources as saying ByteDance would not sell TikTok's U.S. operations to Oracle or Microsoft, and would not give the source code for the platform to any U.S. firm. ByteDance plans to argue that CFIUS' approval two years ago of China Oceanwide Holdings Group Co Ltd's purchase of U.S. insurer Genworth Financial Inc offers a precedent for its proposal with Oracle, the sources said.
Peking University professor of investment Jeffrey Towson said Oracle's ownership of TikTok's U.S. operations with access, but not ownership, of ByteDance's core technology mirrored how many Western companies operate in China. Trump signed two executive orders last month targeting TikTok and ByteDance. The first, effective Sept. 20, bans U.S. companies from transacting with them. The second requires ByteDance to sell TikTok by Nov. 12.
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