TikTok confirms proposed deal with Oracle, Walmart

TikTok on Saturday confirmed that it has reached a proposed deal with U.S. companies Oracle and Walmart.

"We are pleased that the proposal by Tiktok, Oracle, and Walmart will resolve the security concerns of the U.S. administration and settle the question around TikTok's future in the U.S.," the company said in an official statement.

Oracle will become TikTok's technology provider and it's also working with Walmart on a commercial partnership, the statement said.