Wednesday, August 17, 2022
  • About
  • Advertise
  • Careers
Scoftware Magazine
  • Home
  • Politics
  • Business
  • Culture
  • Opinion
  • Lifestyle
  • Entertainment
  • Login
No Result
View All Result
Scoftware Magazine
Home Tech

TikTok pushing forward with deal to meet mid-September looming deadline

Jaleel M. by Jaleel M.
September 12, 2020
in Tech
0
TikTok pushing forward with deal to meet mid-September looming deadline
0
SHARES
6
VIEWS
Share on FacebookShare on Twitter


TikTok is pressing forward with plans for a sale of its U.S. operations ahead of a mid-September deadline, according to a person familiar with the matter, even as signs emerge that the video-sharing app is facing pressure to shut down rather than make a deal.

The app, owned by China’s ByteDance Ltd., is still considering bids from two possible buyers — Oracle Corp. and Microsoft Corp., which has teamed up with Walmart Inc. TikTok intends to bring a proposal to the White House for approval before a deadline imposed by U.S. President Donald Trump, said the person, who asked not to be identified discussing internal plans. It will then be up to the Trump administration to approve a deal.

Reuters on Friday reported that the Chinese government has privately expressed that it would rather ByteDance close TikTok in the U.S. than be forced to sell its U.S. assets. In response to the report, a TikTok spokesman said, “the government has never suggested to us that we should shut down TikTok in the U.S. or any other market.”

TikTok has been at the center of deal negotiations and a political debate since early August, when Trump threatened to ban the app from the U.S., citing national security concerns. He then ordered it sold and has said he wants a deal by Sept. 15. Later that month, the Chinese government announced a handful of new restrictions around the sale of certain technologies, which has slowed a possible deal.

Part of the confusion around sealing any deal is the number of interested parties that TikTok’s parent company must satisfy. Not only does it have to come to agreeable terms with an acquirer, as well as its profit-seeking venture capital backers, ByteDance also must find a way to please both the Chinese and U.S. governments. In China, ceding a top technology asset in the middle of a contentious battle with the U.S. is seen as unpatriotic. Within the Trump administration, certain advisers are pushing for an all-out shutdown of TikTok rather than a sale to an American company.

China’s U.S. embassy referred Bloomberg to comments made Friday by Zhao Lijian, a spokesperson for the Chinese foreign ministry. “The U.S. should immediately correct its mistakes and stop its unjustifiable suppression on Chinese companies and other non-U.S. companies,” he said. “The Chinese side retains the right to take all necessary measures to safeguard the legitimate rights and interests of the Chinese companies.”

It also remains unclear which deal deadline TikTok has to abide by. The company is working toward a Sept. 20 deadline to provide something to the Trump administration, one person close to the company said, sticking with the 45-day timeline imposed in an executive order signed by Trump Aug. 6. But Trump has been insisting on a Sept. 15 deadline in media comments. TikTok also faces a November deadline to divest its U.S. assets in an order based on a recommendation from an interagency national security panel, the Committee on Foreign Investment in the U.S., or CFIUS.

The companies involved in the negotiations were focused on getting a preliminary agreement by Sept. 20, and completing the sale by December, said one person familiar with the matter. But China’s move to assert authority over a sale upended talks, said the person, and now it’s uncertain whether that deadline can be met. Whether a deal can be struck will depend on ByteDance navigating a difficult negotiation that wins support from China and the Trump administration, said the person.

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Topics





Source link

Related posts

This WhatsApp feature allows users to hide unwanted group chats without leaving them. Here’s how

This WhatsApp feature allows users to hide unwanted group chats without leaving them. Here’s how

July 29, 2021
WhatsApp in line for fine as data watchdogs resolve dispute

WhatsApp in line for fine as data watchdogs resolve dispute

July 28, 2021
Previous Post

Nation Beat Drops New Video “Forró de Dois Amigos”

Next Post

Dave Specter & Billy Branch release tribute to George Floyd on etched vinyl, 9/9 on Delmark Records

Next Post
Dave Specter & Billy Branch release tribute to George Floyd on etched vinyl, 9/9 on Delmark Records

Dave Specter & Billy Branch release tribute to George Floyd on etched vinyl, 9/9 on Delmark Records

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Dubai, Dharamsala, Ahmedabad 3 Options For India’s Training Camp, UAE Favourites For Hosting IPL: Report

Dubai, Dharamsala, Ahmedabad 3 Options For India’s Training Camp, UAE Favourites For Hosting IPL: Report

2 years ago
IOA Secretary General Re-instates Ethics Commission Dissolved By President

IOA Secretary General Re-instates Ethics Commission Dissolved By President

2 years ago
Sensex rises by 831 points, Nifty ends at 17,929; check top winners and losers here

Sensex rises by 831 points, Nifty ends at 17,929; check top winners and losers here

10 months ago
MCX futures trading lower; check rates in major cities-Business News , Firstpost

MCX futures trading lower; check rates in major cities-Business News , Firstpost

1 year ago

FOLLOW US

  • 116 Followers
  • 29.5k Followers
  • 174k Subscribers

BROWSE BY CATEGORIES

  • Business
  • Culture
  • Entertainment
  • Lifestyle
  • Music
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Tech
  • Travel
  • World News

BROWSE BY TOPICS

2018 League Balinese Culture Bali United Budget Travel Champions League Chopper Bike Doctor Terawan Istana Negara Market Stories National Exam Visit Bali

POPULAR NEWS

  • Charles B and Kamil Ghaouti Collaborate on Groovy New Track “You’re Not Mine,” featuring LauraBrown. Out on Protocol Recordings

    Charles B and Kamil Ghaouti Collaborate on Groovy New Track “You’re Not Mine,” featuring LauraBrown. Out on Protocol Recordings

    0 shares
    Share 0 Tweet 0
  • Salted vs. Unsalted Pistachios

    0 shares
    Share 0 Tweet 0
  • Kris Jenner Spills Details About Her Sex Life With Corey Gamble: Watch

    0 shares
    Share 0 Tweet 0
  • Sam Heughan & Graham McTavish Are Men in Kilts for Travel Show

    0 shares
    Share 0 Tweet 0
  • Doja Cat Responds to Accusations of Racism

    0 shares
    Share 0 Tweet 0
  • About
  • Advertise
  • Careers

© 2020 Scoftware.com

No Result
View All Result
  • Home
  • Politics
  • Business
  • Culture
  • National
  • Sports
  • Lifestyle
  • Travel
  • Opinion

© 2020 Scoftware.com

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Terms and Conditions - Privacy Policy