TikTok’s Chinese owner, ByteDance, has signed agreements to sell over 80% of its U.S. assets to American and global investors, including Oracle, Silver Lake, and MGX. The deal aims to avoid a U.S. government ban and secure the future of the popular app used by over 170 million Americans.

The agreement, set to close on January 22, follows years of uncertainty since President Trump’s attempted ban in 2020. ByteDance and TikTok formed a new joint venture, TikTok USDS Joint Venture LLC, with Oracle, Silver Lake, and MGX collectively owning 45% of the entity, ending national security concerns.

The new U.S. joint venture will be 50% owned by a consortium of investors, with 30.1% held by ByteDance’s existing affiliates, and 19.9% retained by ByteDance. The deal is a significant step towards resolving TikTok’s future in the United States, providing continuity for its vast user base.

Read more at Yahoo Finance: TikTok signs deal to sell US unit to American investor-led venture