Microsoft said Sunday that it is "prepared to continue discussions to explore a purchase of TikTok in the United States."
The announcement comes days after President Donald Trump said he was planning on banning the app, which is owned by Chinese company ByteDance.
Trump administration officials are concerned about the app's terms of service, citing the privacy concerns of U.S. citizens with the Chinese government.
"Microsoft will move quickly to pursue discussions with TikTok’s parent company, ByteDance, in a matter of weeks, and in any event completing these discussions no later than September 15, 2020," Microsoft's statement read, in part. "During this process, Microsoft looks forward to continuing dialogue with the United States Government, including with the President."
"The discussions with ByteDance will build upon a notification made by Microsoft and ByteDance to the Committee on Foreign Investment in the United States (CFIUS). 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 and would result in Microsoft owning and operating TikTok in these markets. Microsoft may invite other American investors to participate on a minority basis in this purchase."
Read Microsoft's statement in full here.
Secretary of State Mike Pompeo later said President Donald Trump plans to take action on what he sees as a broad array of national security risks presented by software connected to the Chinese Communist Party.
Trump has said he would soon ban TikTok in the United States.
Treasury Secretary Steven Mnuchin says a federal committee is reviewing whether that’s possible, and its members agree that TikTok cannot remain in the U.S. in its current form.