Beijing unlikely to approve ByteDance's TikTok deal with Oracle: Global Times
SHANGHAI (Reuters) - A deal China's ByteDance has struck with Oracle Corp (N:ORCL) and Walmart Inc (N:WMT) over the future of its video-streaming app TikTok is unlikely to receive Chinese government approval, state-backed newspaper Global Times said in an editorial.
ByteDance has said it will create a U.S. subsidiary partly owned by U.S. majors Oracle and Walmart and managed mainly by Americans, to pacify the administration of U.S. President Donald Trump which had planned to ban TikTok on security grounds.
"It is clear that these articles (terms) extensively show Washington's bullying style and hooligan logic. They hurt China's national security, interests and dignity," said the English version of the editorial published late on Monday and which was also carried in the newspaper's Chinese edition.
The unidentified author objected to a requirement that four of the five board seats of TikTok Global be occupied by Americans and only one reserved for a Chinese national, as well as the inclusion of a U.S-approved "national security director".
It also denounced a requirement that ByteDance reveal TikTok's source code to Oracle as part of the latter's stake purchase, as well as the separate management of TikTok from Chinese equivalent Douyin.