Investing.com-- ByteDance denied recent speculation that it will sell the U.S. arm of TikTok to a consortium led by Oracle Corporation (NYSE: ORCL ), Chinese media reported on Tuesday.

Earlier reports said an Oracle-led consortium was in the lead to acquire a majority stake in TikTok’s U.S. arm– a deal that is necessary to keep the video streaming app active in the United States.

Bytedance has until September 17 to carry out the sale, which will require approval from both Washington and Beijing. U.S. President Donald Trump signed a series of executive orders this year to repeatedly postpone a U.S. ban of TikTok, which was set to take effect in January. The ban was approved by Congress on concerns of cybersecurity and data privacy in the China-owned video app.

TikTok has to find a U.S. buyer, or face potential closure in the country. But Trump has signaled that he will indefinitely postpone the ban until a deal is reached. Bytedance is expected to retain a minority stake in TikTok.

A report earlier this week said TikTok was working on a new version of its app for U.S. users, as it prepares for a potential deal.