U.S. President Trump has suggested that if Microsoft buys Chinese social media newcomer Tik Tok, the U.S. Treasury should receive “a very large percentage of that price.” But legal experts have questioned the authority for the government to take the money, as experts say Trump’s idea was “Mafia-like.”
TikTok founder and ByteDance CEO Zhang Yiming has defended the sale of the app’s U.S. operations to Microsoft in a letter to employees. “We have to abide by local [US] laws and have no choice,” he wrote.
Chinese cinema operator and film production company Wanda Media said its first-half 2020 earnings fell by a net $225 million, despite a hike in profits from its TV production side. Despite the losses, the company said it will continue with plans to build at least 50 new cinemas, though 17 movie studios will be shut.