Walmart confirmed on Thursday that it is teaming with Microsoft to try to buy TikTok’s US operations from Chinese owner ByteDance.
The retail giant said in a statement that it was “confident that a Walmart and Microsoft partnership would meet both the expectations of US TikTok users while satisfying the concerns of US government regulators”.
Sources say that TikTok is nearing an agreement to sell its U.S., Canadian, Australian and New Zealand operations in a deal that could be announced as soon as next week.
The deal is likely to be in the $20 billion to $30 billion range, sources say.
TikTok hasn’t chosen a buyer but in addition to Microsoft and Walmart, Oracle is believed to still be an option.
Stay tuned for updates in this developing story.
