The deal is set to be one of the largest ever acquisitions in the video game industry. Once the deal is finalized, Microsoft will own popular franchises such as Wolfenstein, Quake, and DOOM.

Walmart cited a potential boost from TikTok to its online presence, including the giant retailer's efforts to grow online advertising and a marketplace for third-party sellers.

In its first public acknowledgement of a deal that could be worth in the billions of dollars, Microsoft said it is continuing talks with TikTok about a potential takeover of the hugely popular app.

The president's announcement comes as Microsoft is in talks to acquire the app, which is owned by ByteDance, a Chinese company.

Microsoft is opening a new facility next year that will create 1,500 new high-tech jobs in Atlanta, the governor's office said in a statement. The $75...