TikTok is nearing an agreement to sell its U.S., Canadian, Australian and New Zealand operations in a deal that could be announced as soon as next week, sources told CNBC on Thursday.
Kevin Mayer, TikTok’s CEO, announced his resignation Thursday after news of the announcement leaked to the Financial Times.
Mayer was originally going to announce his decision to step down along with the sale agreement next week, but he pushed up the timing to address the news, said one of the people, who asked not to be named because the discussions are private.
Mayer joined TikTok earlier this year after running Disney’s streaming video operations.
TikTok hasn’t chosen a buyer and is still negotiating with Oracle and Microsoft, and the deal is likely to be in the $20 billion to $30 billion range, sources say, CNBC reports.
Walmart had been working with SoftBank on a bid for TikTok which is seen as unlikely because there isn’t a technology backbone partner for the deal.