Good morning. 😷 The CDC says a vaccine likely won't be ready until late November or December at the earliest, at which point it will take another “six to nine” months to get every American vaccinated.

🏈 The Pac-12 may play football this season anyway, following The Big Ten's reversal yesterday.

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President Trump | Bloomberg/Getty

⏲️ Moving the Market

Reading the TikTok tea leaves

President Donald Trump says he is "conceptually" opposed to any deal that would leave ByteDance with majority ownership of TikTok, a signal that his administration may push to restructure the proposed tie-up with Oracle or even reject it entirely.

• "Conceptually, I can tell you I don't like that," the president told reporters last night, later saying he was "not prepared to sign off on anything" until he was briefed on the proposal Thursday.

• Trump administration officials have also told Bloomberg News that Oracle's bid "falls short" of resolving its concerns about the threats the app poses to national security.

• Meanwhile, Senate Republicans say they have "significant concerns" with the deal, which they say is "insufficient in achieving the goals of protecting Americans and U.S. interests."

The backstory: The current proposal would see TikTok become a U.S.-based company, with Oracle taking a minority stake and assuming responsibility for U.S. operations and user data. ByteDance, which is based in Beijing, would maintain a majority stake and, most importantly, full control of the app's source code.

• "ByteDance would allow Oracle to review TikTok’s source code and software to ensure there are no backdoors that allow the Chinese government or other entities to access the data," WSJ's Georgia Wells and Aaron Tilley report.

The big picture: ByteDance is trying to walk a fine line between the U.S., which wants to make sure Beijing can't use TikTok to access and abuse U.S. user data, and China, which wants to maintain control of TikTok's software and its highly coveted algorithm.

• But: The proposal still falls well short of Trump's initial demand for an outright sale of TikTok's U.S. business to an American owner. Nor is it clear that the deal will assuage national security concerns.

The X factor here is Trump. Even if the deal does meet national security concerns, he could still scuttle it and ban TikTok in the U.S. to be seen as being tough on China. Alternatively, he could decide he's OK with the deal, in part because it rewards his friends: Oracle chairman Larry Ellison and chief executive Safra Catz.

• What's next: The Committee on Foreign Investment in the United States will submit its recommendation to the president, and he will be briefed on the matter this morning. There are three days to go until the deadline set by his executive order.

💨 TikTok exodus? 💨

"As President Trump’s ban on TikTok nears, some of the social video platform’s biggest stars, including Charli and Dixie D’Amelio, are joining rival app Triller," LAT's Wendy Lee reports.

"The D’Amelios joined a growing list of TikTok stars who are increasing their presence on rival streaming services like Triller, Instagram and YouTube..."

Andrew Bosworth | PictureAlliance/Getty

🌁 Big in the Bay

Facebook debuts AR glasses

Facebook will release a new edition of Ray-Ban smart glasses next year and says some 100 employees will also start publicly testing high-tech glasses that record video and audio, the next step in Facebook's long-term push into virtual and augmented reality.

• Andrew Bosworth, the Facebook executive leading the effort, said the employees will collect data on everything from faces to car license plates, but that it will be anonymized and used only for research, The Information's Alex Heath reports.

• Facebook also announced steps that it's taking to address privacy concerns around AR, seeking to allay concerns from antitrust watchdogs and privacy advocates about the company's growing power and its handling of user data.

The big picture: Mark Zuckerberg has said that "breakthrough augmented reality glasses" are a top long-term priority for Facebook, and has predicted that AR will revolutionize the world by giving people "the ability to be 'present' anywhere."

• As we wrote in January, the rise of wearable AR technology would also give Facebook a chance to move aggressively into the hardware space, which is currently dominated by Apple and Google.

What's next: Read Zuckerberg's conversation with The Verge's Casey Newton, in which he explains why he doesn’t want to build "an Apple Watch for your face."

New York Times HQ | Gary Hershorn/Getty

🗞️ Talk of the Times

NYT teams with Facebook

Facebook and The New York Times have announced a new partnership to create augmented reality filters and effects on Instagram that will make the media company's journalism more interactive and accessible to users.

• As Axios' Sara Fischer notes, "it's the first time that The Times has experimented with augmented reality technology at scale and off of its own website and apps."

The big picture: "The new partnership represents an evolution in the relationship between The New York Times and Facebook" — to put it mildly — "as well as the broader dynamic between publishers and technology companies."

📺 Moving Midtown

Fox News trims staff

Fox News chief Suzanne Scott has announced a new round of layoffs that the company says is part of an ongoing effort to better streamline its business and operate more efficiently. The cuts are expected to affect 3 percent of staff and will not affect on-air talent.

• The big picture: Fox News is just the latest news media company to announce staff cuts amid the coronavirus pandemic, though the company says that, with the exception the hair and makeup department, these cuts were not due to the pandemic.

Green room top talker: The cuts to the hair and makeup department mean guests of Fox News will no longer receive hair and makeup services. That will be reserved for anchors and contributors.

Justin Smith | Mint/Getty

🗽 Moving Manhattan

Bloomberg launches a Cheddar

Bloomberg Media chief Justin Smith plans to relaunch the site's QuickTake video service as a global 24-hour streaming service in November, with a staff of 100. He tells THR's Alex Weprin it will be "one of the most consequential, if not the most consequential, launch in the news industry this year."

A couple thoughts:

• Bloomberg TV is already free to stream over the internet, so its unclear why Smith thinks a critical mass of people will watch this new service when they’re not watching the glitzy, well-financed and much more heavily staffed product Bloomberg already has on offer.

• The idea also isn't new. Cheddar launched as a financial news streaming service in 2017. Legacy media brands, which Smith says "are unable to aggressively enter this OTT space," have actually already entered it via NBC News Now (in 2019), CBSN (in 2014) and ABC News via Hulu (in 2018).

What's next: We sincerely hope QuickTake does well, because we're really big fans of Bloomberg Media and its journalism. If it does, it might even kill off Cheddar (there's not room for both). But the lofty sales pitch about a revolutionary new media brand — "the first post-COVID business network" — is probably a bit of an oversell.

🎭 What's next: Jim Carrey as Joe Biden. Lorne Michaels today announced that the comedian will play the role of the Democratic nominee on the 46th season of "Saturday Night Live," which kicks off Oct. 3.

See you tomorrow.