Microsoft has announced that they intend to acquire TikTok’s U.S. operation by mid-September pending government approval. This news comes just days after President Donald Trump said that he planned to ban the app within the United States through an executive order. However, that ban appears to be put on hold if Microsoft can acquire TikTok within 45 days.
“Microsoft fully appreciates the importance of addressing the President’s concerns,” Microsoft wrote in a blog post Sunday night.
“It is committed to acquiring TikTok subject to a complete security review and providing proper economic benefits to the United States, including the United States Treasury,” the company continued.
Microsoft to continue discussions on potential TikTok purchase in the United States. https://t.co/mCDeeVPzyX
— Microsoft (@Microsoft) August 2, 2020
Under the proposed agreement, Microsoft would acquire ownership of the popular app not only within the United States, but also in Canada, New Zealand and Australia. Despite early optimism, nothing is set in stone.
“These discussions are preliminary and there can be no assurance that a transaction which involves Microsoft will proceed,” Microsoft adds.
In order to meet the government’s guidelines, a deal must be reached by September 15, 2020.