The Trump administration said Monday it has reached a deal with China to keep TikTok operational in the United States, after Trump threatened to shut down the popular social media platform, saying it poses a national security concern. Treasury Secretary Scott Bessent says Trump will speak with Chinese leader Xi Jinping on Friday to finalize the deal. It’s not clear who the U.S. buyer will be, but it’s widely expected to be led by Oracle co-founder and chair Larry Ellison, who last week briefly surpassed Elon Musk as the world’s richest person.

Larry Ellison has a decades-long history with the Republican Party and has frequented Trump’s Mar-a-Lago for dinners and has met Trump in the Oval Office. He’s also an ally of Israeli Prime Minister Benjamin Netanyahu, donating money to Israel’s military through the nonprofit Friends of the Israel Defense Forces.

This comes just months after the Trump administration cleared the way for an $8 billion merger between Paramount and Skydance, which is run by David Ellison, son of Larry Ellison. According to The Wall Street Journal, Paramount Skydance is exploring a bid for Warner Bros. Discovery, which would put two of Hollywood’s most powerful legacy studios under the same owner.

Meanwhile, Paramount Skydance is reportedly in talks to hire Bari Weiss as editor-in-chief or co-president of CBS News. Weiss has opposed diversity and inclusion programs and is an ardent supporter of Israel’s war on Gaza; her publication The Free Press has called widespread reporting on famine conditions there “a myth.”