Washington, September 15: ByteDance will place TikTok's global business in new US-headquartered company with Oracle investing as the minority shareholder, according to a Financial Times report. The Chinese company is thus seeking to keep majority ownership of the short video app in the deal.  The deal would make Oracle the US technology partner of TikTok.

As per reports, ByteDance's proposal is being reviewed by national-security regulators, with an eye toward settling the high-profile deal by the deadline Sunday. Late Tuesday afternoon, Committee on Foreign Investment in the US, which includes officials from Treasury, State, Commerce and other departments reviewed the deal late Tuesday. TikTok Sale in US: Oracle 'Very Close' to Sealing a Deal to Become US Partner to TikTok to Avert Ban, Says Donald Trump.

President Donald Trump on Tuesday confirmed that he had heard that Oracle was 'very close to a deal' with ByteDance's TikTok.  He further added that his administration would make a decision on the pending deal 'pretty soon' and he has “high respect” for Oracle Chairman Larry Ellison.

Earlier the sale of TikTok's US operation was going on with Microsoft, however, Microsoft on Sunday confirmed that it's not acquiring parts of TikTok’s operations after its bid was rejected by ByteDance. President Donald Trump initially threatened a September 15 deadline for a TikTok sale, before setting November 12 as the final deadline, with the threat of a potential ban.

(The above story first appeared on LatestLY on Sep 16, 2020 09:39 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).