Oracle Nears $20 Billion TikTok Deal With White House Support (Exclusive)

WAXWORD

CEO Kevin Mayer resigns, corporate parent CEO and private equity investors at loggerheads over the deal as Microsoft bid falls behind

Oracle, the technology giant led by Larry Ellison, has taken the lead position to acquire the Chinese-owned social app TikTok for a proposed deal of $20 billion in cash and stock, TheWrap has learned.

The proposed deal would comprise $10 billion in cash, $10 billion in Oracle stock and 50% of annual TikTok profit to flow back to TikTok’s China-based parent company, ByteDance, for two years, according to one individual with knowledge of the deal.

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Sharon Waxman

Sharon Waxman

Sharon Waxman, is the founder, CEO and Editor in Chief of TheWrap. She is an award-winning journalist and best-selling author, and was a Hollywood correspondent for The New York Times.

Sean Burch

Sean Burch

Tech reporter • sean.burch@thewrap.com • @seanb44