Fox Corp (NASDAQ:FOXA) gained on Monday after President Trump said in a weekend interview that chairman Rupert Murdoch and CEO Lachlan Murdoch are likely to be part of the group of investors buying the US arm of TikTok.
Fox A and B shares gained 2.2% and 1.9% respectively in early trading.
Trump told Fox News that the Murdochs would "probably" be involved in a deal that has been proposed to China and TikTok parent ByteDance that would enable the US arm of the social media platform to keep operating.
Oracle chairman Larry Ellison and Dell founder Michael Dell are also likely be involved, the US president said.
"I think they're going to do a really good job," Trump said, following a call with China's President Xi Jinping on Friday.
The White House press secretary said earlier in the weekend that Oracle would be responsible for the app's data and security, with US representatives filling six of the seven seats for a planned TikTok US board.
Trump said he and Xi had a "very productive call", with the US and China making progress on a deal that was the only get-out clause from a Congress ban proposed last year over fears that Beijing could access the US users' personal data from the platform.
Media reports suggested the Murdochs would not be investing through Fox Corp, which owns the Wall Street Journal and Fox News.