Thursday, October 22, 2020

Final TikTok deal could be delayed until after November elections

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TikTok

The TikTok clock is moving very slow.

Negotiations to keep the video-sharing app alive in the US could extend into November as its Chinese owner fixes issues in its proposed partnership with two US companies, according to a new report.

President Trump gave his “blessing” nearly two weeks ago to the deal that would create a new US-based entity called TikTok Global, partially owned by Oracle and Walmart, in an attempt to address the White House’s national security concerns.

But the companies involved are preparing for the formal approval process to continue beyond the November 3 presidential election, as TikTok’s parent ByteDance works to finalize its proposal with the Committee on Foreign Investment in the US. A key government panel that has to approve the deal. Bloomberg News reported early Friday.

That would be cutting it close to the November 12 deadline that Trump has set for Beijing-based ByteDance to divest TikTok’s US operations or else shut down the US app. That deadline could be carried over. if the talks last until November, according to the news service.

There are several issues that have yet to be resolved, including Chinese ownership of TikTok Global, data security issues, and the possible creation of a $ 5 billion education fund requested by Trump, the report says.

California-based software firm Oracle, meanwhile, is still trying to work out the “fine print terms” of the deal, according to Bloomberg. How the schedule will affect Trump testing positive for coronavirus is also unknown.

NY Post

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