It’s the first time the company has confirmed reports it was in talks to acquire the video sharing platform. Microsoft said it was’prepared to continue discussions to explore a purchase of TikTok in the United States’.

Microsoft is committed to acquiring TikTok subject to a complete security review and providing proper economic benefits to the United States, including the U.S. Treasury. The company expects to move’quickly to pursue discussions with TikTok’s parent company in a matter of weeks, and in any event completing these discussions no later than September 15, 2020′.

The two companies have provided notice of their intent to explore a preliminary proposal that would involve a purchase of the TikTok service in the United States, Canada, Australia, and New Zealand.

Microsoft did not commit to undertaking the purchase entirely on its own. The company’may invite other American investors to participate on a minority basis in this purchase’.

President Trump had threatened to ban TikTok in the US on Friday. Trump indicated he was ready to sign a document to order the ban.

Secretary of state Mike Pompeo compared TikTok to Huawei and ZTE. Critics have called out its privacy practices and potential ties to the Chinese government.

Tiktok’s American users will be transferred to and remains in the United States. The company will’ensure that all private data is transferred’ to the U.S..