Walmart Said it’s Teaming Up With Microsoft on TikTok Bid
Walmart just confirmed it’s teaming up with Microsoft in a bid for TikTok.TikTok is nearing an agreement to sell its U.S., Canadian, Australian, and New Zealand operations in a deal, this is likely to be in the $20 billion to $30 billion range according to sources. It has not yet chosen a buyer, but could announce the deal in the coming days, sources say.
Walmart is pursuing the acquisition at a time when it’s trying to better compete with Amazon. It plans to launch a membership program, called Walmart+, soon. 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.” It did not specify how TikTok would be used or whether it would be included in Walmart+. With the confirmation, Walmart joins several other bidders for the tech company, including Oracle. And with Microsoft involved, Walmart could be better positioned for a deal
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.” It did not say how it would use TikTok or whether it would be part of Walmart+.
‘We assume that a potential partnership with TikTok US could integrate this key feature in collaboration with Microsoft and provide an efficient way for Walmart to meet all-channel clients.”As well as expanding our platform for third parties and advertising companies,” he said.”We are confident that Walmart-Microsoft partnership will address both the needs of US users of TikTok and the concerns of US government regulators. of US government regulators.
If approved, the deal would give Walmart and Microsoft access to hundreds of millions of consumers who could buy their products or become a lucrative advertising audience. In a filing this week, TikTok said it has nearly 100 million monthly active U.S. users. That’s up nearly 800% from Jan. 2018.