Centricus seeks to buy TikTok assets

Centricus Asset Management Ltd. and Triller Inc. are seeking to buy TikTok’s operations in the U.S. and many other countries from ByteDance Ltd. for $20 billion, according to a person familiar with the matter.

Investors led by London-based Centricus will partner with U.S.-based Triller, another video, and a music-based social networking app, which would have a minority stake in a newly proposed joint entity.

Centricus and Triller submitted their bid to Beijing-based ByteDance, this person said, for TikTok’s assets in the U.S., Australia, New Zealand, and India. The proposal would be made up of $10 billion in cash upfront and $10 billion in profit-sharing from the resulting venture, the person said.

The offer would rival those from more established tech industry players, including Microsoft Corp. and Oracle Corp. Walmart Inc. said on Thursday that it had joined Microsoft’s bid.

When asked about a Centricus and Triller bid, a TikTok spokesman replied, “What’s Triller?” Another spokesperson called the potential deal “preposterous.”

A representative for Centricus confirmed the company had made an offer for TikTok assets in the U.S. and some other countries. A spokesperson for Triller didn’t immediately respond to requests for comment.