Enlarge / TikTok’s US operations may soon be part of every cool teen’s favorite code conglomerate, Microsoft. (credit: SOPA Images | LightRocket | Getty Images)

After weeks of rumor and speculation, the Trump administration this weekend gave TikTok’s parent company, Beijing-based ByteDance, 45 days to sell off the social media sensation or else stop operating in the United States—and Microsoft looks to be the buyer.

Microsoft on Sunday confirmed what several media outlets had been speculating since Friday, saying it is in talks to buy TikTok’s operations in the US, Canada, Australia, and New Zealand and may also invite other US investors to take minority stakes in the deal.

“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,” the company said in a corporate blog post. “During this process, Microsoft looks forward to continuing dialogue with the United States Government, including with the President.”