Earlier this month Microsoft signalled its intent to buy troubled social media app TikTok, with a mid-September deadline being put in place in order to hash out a deal. While both parties discuss a take over of TikTok’s business in the US and other selected regions, another potential buyer has emerged in the form of Oracle.
According to the Financial Times (paywall), Oracle has expressed some interest in acquiring TikTok and in its operations in the States in particular.
While we can certainly see why any technology firm would be interested in acquiring TikTok, given its popularity, Oracle is not the first company that would have come to mind in terms of rivalling Microsoft in its interest.
Nevertheless, it looks like Oracle is quite far along in the negotiation process, with it reported that it has held preliminary talks with TikTok’s parent company, ByteDance.
Oracle is also said to be roping in some venture capital firms to assist with the acquisition process.
At this stage it is unclear how far along Microsoft is in its dealings, or whether the interest from another company will impact its desire to acquire.
That said, it looks like a deal with some company to purchase TikTok’s US business will happen in the coming months, especially as president Donald Trump has stated that an acquisition must happen within 90 days in order for the social media app to avoid a North American ban.
It should be interesting to see if a bidding war will take place now for TikTok, or whether another suitor emerges in the coming weeks.
Given Microsoft’s desire to greater market share in the tech entertainment sphere goes, it will likely want to get the deal over the line as quickly as possible.[Image – Photo by Solen Feyissa on Unsplash]