[Breaking] NYT "MS Eliminated from TikTok Acquisition... Oracle Selected"
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[Asia Economy New York=Correspondent Baek Jong-min] The New York Times (NYT) reported on the 13th (local time), citing sources, that Microsoft's attempt to acquire the U.S. operations of the Chinese video-sharing app TikTok has fallen through. Another foreign media outlet reported that Oracle has been selected as the acquirer of TikTok.
The NYT stated that ByteDance, TikTok's parent company, rejected Microsoft's acquisition offer, and the only remaining acquisition candidate is the database company Oracle.
According to the NYT, a source involved in the negotiations added, "ByteDance indicated that Oracle would be the technology partner, but it is uncertain whether Oracle will take a majority stake in TikTok."
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After selecting Oracle as TikTok's acquirer, ByteDance is expected to seek approval from both the U.S. and Chinese governments respectively.
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