© Reuters. FILE PHOTO: Tik Tok logos are seen on smartphones in front of displayed ByteDance logo in this illustration
(Reuters) – China’s ByteDance has picked a consortium led by Oracle Corp (N:) for a deal for the U.S. operations of short-video app TikTok, beating out rival bidder Microsoft Corp (O:), a person familiar with the matter said on Sunday.
ByteDance has been in talks to sell TikTok’s U.S. busines to potential buyers since U.S. President Donald Trump threatened last month to ban the service if it was not sold.
ByteDance will need approval for the deal from governments of the United States and China.
Microsoft said earlier on Sunday it was informed by ByteDance that it would not be selling TikTok’s U.S. operations to Microsoft.
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