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Oracle, ByteDance Accept New Treasury Terms on TikTok

  • Mnuchin sent term sheet to both companies late Wednesday
  • New terms include security committee led by U.S. citizen
ByteDance’s TikTok app.

ByteDance’s TikTok app.

Photographer: Brent Lewin/Bloomberg
Updated on

The Treasury Department, TikTok owner ByteDance Ltd. and Oracle Corp. have tentatively agreed to terms for Oracle’s bid for the U.S. operations of the social-media service, according to people familiar with the matter.

Treasury Secretary Steven Mnuchin sent Bytedance a revised terms sheet late Wednesday and the company and Oracle accepted it, the people said. They described the changes as addressing national security concerns about the transaction and asked not to be identified because of the sensitivity of the matter.