President Donald Trump has given his sign-off on a deal for Oracle and Walmart to take over TikTok, the Chinese-backed social media video app.
It was not a done deal at press time Saturday night (Sept. 19), but given that development, the Commerce Department is delaying its move to boot TikTok from app stores from Sept. 20 to Sept 27.
"In light of recent positive developments, Secretary of Commerce Wilbur Ross, at the direction of President Trump, will delay the prohibition of identified transactions pursuant to Executive Order 13942, related to the TikTok mobile application."
Trump said Saturday that he thought it would be a fantastic deal with technology "superior to anything in the world."
He said it would mean a lot of jobs--at last 25,000 hired he said--and a lot of money for the country, including billions of dollars in taxes and a $5 billion contribution for a fund to educate America's youth Trump said he had asked for. "Everybody will be happy," he said.
The new company will most likely be incorporated in Texas and "have nothing to do with China," he said, but will continue to be called TikTok.
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Contributing editor John Eggerton has been an editor and/or writer on media regulation, legislation and policy for over four decades, including covering the FCC, FTC, Congress, the major media trade associations, and the federal courts. In addition to Multichannel News and Broadcasting + Cable, his work has appeared in Radio World, TV Technology, TV Fax, This Week in Consumer Electronics, Variety and the Encyclopedia Britannica.