Beijing is unlikely to approve an "unfair" deal Oracle Corp. and Walmart Inc. said they have struck with ByteDance over the future of video-streaming app TikTok, state-backed newspaper Global Times said in an editorial.
The U.S. majors have said they will buy into a new mainly U.S.-owned company, TikTok Global, with a board of directors comprised mainly of Americans, as the parties work to pacify the administration of U.S. President Donald Trump which had planned to ban TikTok in the United States on security grounds.
In contrast, ByteDance has said TikTok Global will be its U.S. subsidiary with 80 percent ownership.