Pages

Search This Blog

Translate

Search Tool




Aug 27, 2020

News | Business | Companies | Tech: Walmart is teaming up with Microsoft on TikTok bid

2 minutes - Source: CNBC




ByteDance Ltd.'s TikTok app is displayed in the App Store on a smartphone in an arranged photograph taken in Arlington, Virginia, on Monday, Aug. 3, 2020.
ByteDance Ltd.’s TikTok app is displayed in the App Store on a smartphone in an arranged photograph taken in Arlington, Virginia, on Monday, Aug. 3, 2020.
Andrew Harrer | Bloomberg | Getty Images
Walmart said it’s teaming up with Microsoft in a bid for TikTok.
The retail giant confirmed to CNBC that it’s interested in buying the tech company.
Walmart shares are up more than 2% on the news.
TikTok is nearing an agreement to sell its U.S., Canadian, Australian and New Zealand operations in a deal that’s likely to be in the $20 billion to $30 billion range, sources say. With Walmart’s confirmation, it joins several others bidding on the tech company, including Oracle.
In a statement, the big-box retailer said TikTok’s integration of e-commerce and advertising “is a clear benefit to creators and users in those markets.”
“We believe a potential relationship with Tik Tok US in partnership with Microsoft could add this key functionality and provide Walmart with an important way for us to reach and serve omnichannel customers as well as grow our third-party marketplace and advertising businesses,” it said.  “We are confident that a Walmart and Microsoft partnership would meet both the expectations of US Tik Tok users while satisfying the concerns of US government regulators.”
CNBC’s Alex Sherman contributed to this story.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.