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I figured this, so Iโm posting an answer in case anyone else comes across this.
I read more in details the documentation on Static files (https://docs.djangoproject.com/en/1.10/howto/static-files/), and read the related section of the great book Tango with Django (http://www.tangowithdjango.com/).
That helped me to understand the MEDIA and STATIC setup I needed to get right in order to get working TinyMCE with Django.
tiny_mce.js went to the static files folder (specifically to static/tiny_mce/).
The settings.py of Tinymce check if static is confidured, and points there to get the needed files. Tadaa! It works!
Hopefully it will help someone!
๐คandyk
Source:stackexchange.com