ByteDance in talks to sell its Indian TikTok assets
The discussions have been initiated by Japan's SoftBank Group Corp.
New Delhi: ByteDance Ltd. is said to be exploring a sale of the India operations of TikTok to rival unicorn Glance, in an attempt to resuscitate the once-thriving short video sharing app that's been banned indefinitely in the South Asian nation.
The discussions have been initiated by Japan's SoftBank Group Corp. conglomerate, according to people familiar with the talks, who declined to be identified because the talks are private as well as early and complex. SoftBank is a backer of Glance's parent InMobi Pte as well as TikTok's Chinese parent, ByteDance.The discussions involve four sides, the people said.
The talks are between SoftBank, ByteDance and Glance and any deal will need a final seal of approval from Indian authorities. India banned thousands of Chinese apps including TikTok last year following intense hostility on the India-China border.
TikTok Among 59 Chinese Apps India Bans on Security FearsSoftBank and ByteDance didn't respond to emails seeking comment outside of business hours. A Glance spokesman declined to comment.SoftBank has been attempting to salvage TikTok's India assets and had been hunting for local partners even as the new U.S. administration put on hold the unwinding of the American operations of the popular short video platform, asking a federal judge to pause a lawsuit after former President Donald Trump banned it.