Friday, August 28, 2020

TikTok sale announcement could come as soon as next week | Music Ally

Strap in: the TikTok sale process may be even speedier than President Trump expected. CNBC reported yesterday that TikTok is “nearing an agreement” to sell its operations in the US, Canada, Australia and New Zealand – as soon as next week.

Its sources claimed that the deal could be worth between $20bn and $30bn, but added that TikTok is still in talks with both Microsoft and Oracle over the potential sale. What’s more, those sources suggested a third US company has also thrown its hat in the ring.

“Walmart has been working with SoftBank on a potential acquisition, but because that offer doesn’t include a cloud technology backbone component, it is likely a nonstarter with the US government,” claimed CNBC.

But wait! Another news site, Axios, suggested that Walmart is actually working with Microsoft on a potential deal, adding that “the idea would be to help turn TikTok US into more of an e-commerce app for creators and users”.

(Not such a silly idea. VC firm Andreessen Horowitz claimed last year that “In the future, we’re all going to be shopping on video apps like TikTok. Whether you’re buying instant noodles or high-end sweaters, it has become increasingly clear that short video clips are the future of ecommerce. Think of them as compulsively watchable commercials — with a direct link to buy.”)

Stuart Dredge


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