Oracle picked as tech partner
A deal between ByteDance, the parent of TikTok, and Oracle appeared to be edging closer after reports the Chinese company had chosen the software provider as its US technology partner.
If the deal is finalized, it will help keep the popular video-sharing app running in the US.
Under ByteDance's latest proposal, Oracle will be the firm's technology partner and assume management of TikTok's US user data, sources told Reuters on Sunday.
Oracle is also negotiating taking a stake in TikTok's US operations, they said.
TikTok on Monday issued a statement to media, saying it had submitted a proposal to the US administration, which "we believe would resolve the administration's security concerns."
However, any deal for the TikTok assets must be reviewed by the Committee on Foreign Investment in the US, a group chaired by the treasury secretary that studies mergers for national security reasons.