Tuesday, September 15, 2020

ByteDance could miss deadline for selling TikTok in the US | Music Ally

TikTok’s future in the US remains decidedly unclear, amid reports that its parent company ByteDance may struggle to meet a 20 September deadline for agreeing a sale of its popular social app.

Bloomberg reported that trying to satisfy regulatory hurdles both in the US and in China means the dealmaking with potential suitors Microsoft and Oracle may stretch beyond the deadline. It’s the new regulations in China that may be the biggest issue.

“In preliminary talks with Chinese officials, ByteDance has been told any proposal must be submitted for approval with detailed information about technical and financial issues, and the review will be substantial and take time,” claimed the report.

Is President Trump prepared to be flexible? Take a guess.

“We’ll either close up TikTok in this country for security reasons, or it will be sold. There will be no extension of the TikTok deadline,” he said yesterday. The clock ticks on.

Stuart Dredge

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