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9/14, 1:55 AM (Source: TeleTrader)
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ByteDance chooses Oracle to buy TikTok in US - report

TikTok's owner ByteDance Ltd. picked Oracle Corp. to buy the app's United States operations, the Wall Street Journal reported on Monday.

According to unnamed sources, the deal "is likely not to be structured as an outright sale." The sources added that ByteDance was going to announce the agreement calling Oracle its "trusted tech partner" in the US.

Previously, Microsoft revealed that its bid for the popular app had been rejected. TikTok faced a deadline on Tuesday to find a buyer, after which it would have been banned in the US.

Breaking the News / DJ