The deal ends a six-year long political saga that that started in 2020 when President Donald Trump tried to ban the app over national security concerns during his first term.

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ByteDance has finalized a deal to create TikTok USDS Joint Venture LLC, a majority American-owned entity that will operate TikTok in the United States. Oracle, Silver Lake, and MGX will each hold 15% stakes as managing investors, with Adam Presser serving as CEO. The joint venture will operate independently with safeguards for data protection, algorithm security, and content moderation, ending a six-year political dispute over national security concerns.

TikTok finalizes deal to create new US entity and avoid ban