Monday, October 26, 2020

Reliance may acquire video sharing app

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Mumbai: Reliance Industries Limited (RIL) is likely to acquire the Bytedance-owned TikTok in India for $5 billion.

As per the report, RIL had started talks with China-based Bytedance last month. However, both the companies have denied to provide any information on the reported deal.

RIL likely to acquire TikTok: Analysts

Meanwhile, the industry analysts made a prediction that RIL is likely to acquire TikTok in India as the Central Government had already banned the Chinese app over security concern.

If RIL successfully acquires TikTok in India, the company will become competitor of Facebook as “Instagram Reels” was launched recently. Instagram Reels also allow users to share video clip just like TikTok.

TikTok in US

In an interesting turn of events, Cloud major Oracle has entered the race to acquire TikTok as US President Donald Trump issued an executive order to direct ByteDance to sell its TikTok business in the US within 90 days.

According to a report in The Financial Times on Tuesday, Oracle “held preliminary talks with TikTok’s Chinese owner, ByteDance, and was seriously considering purchasing the app’s operations in the US, Canada, Australia and New Zealand”.

According to the report, Oracle was working with a group of US investors that already own a stake in ByteDance, “including General Atlantic and Sequoia Capital”.

Oracle was yet to comment on the report.

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