WASHINGTON—China’s ByteDance Ltd. would retain a majority ownership stake in its TikTok app as part of a proposal to be reviewed by national-security regulators on Tuesday with an eye toward settling the high-profile deal by a deadline Sunday, according to a person familiar with the situation.
The proposal includes Oracle Corp. ’s bid to become TikTok’s U.S. technology partner as part of an effort to address the administration’s national-security concerns surrounding the Chinese-owned video-sharing app
A senior administration official said the Committee on Foreign Investment in the U.S., which includes officials from the Treasury, Commerce and Homeland Security departments, will review the TikTok deal at its regular meeting on Tuesday afternoon.
The review is one of the final steps before officials present the proposed transaction to President Trump.
Mr. Trump told reporters at the White House that his administration would make a decision on the pending deal “pretty soon,” adding that he has “high respect” for Larry Ellison, Oracle’s chairman.