(Seeking Alpha) – The Treasury Dept., TikTok owner ByteDance (BDNCE) and Oracle (ORCL -1%) have a tentative agreement on terms of the bid for the social media app’s U.S. operations, according to media reports.
Treasury had revisions for the deal, to which the two companies agreed in full, CNBC says.
And while White House Chief of Staff Mark Meadows said President Trump would decide on the deal in 24-36 hours, the new reports are a strong signal of deal approval.
But that’s just the U.S. side; China’s government has to agree to the transaction, no easy feat.
Walmart (WMT +0.5%) is reportedly coming on board the deal as a minority investor; Oracle is reported to be taking on about 20% of TikTok.