TikTok has signed a deal to launch a new United States joint venture operated by mostly American investors, CEO Shou Chew announced in an internal memo obtained by ABC News on Thursday (December 18).

The investors involved with the deal will reportedly include the American companies Oracle Corporation and Silver Lake, as well as MGX, which is based in the United Arab Emirates. The deal will finally bring closure to the years-long saga over the popular Chinese social media app's status after Congress passed a law requiring it to be banned if its parent company, ByteDance, didn't sell its U.S. entity to Americans.

Chew confirmed "there's more work to be done" as the parties involved aimed to meet their closing date of January 22, 2026.

“We have signed agreements with investors regarding a new TikTok U.S. joint venture, enabling over 170 million Americans to continue discovering a world of endless possibilities as part of a vital global community,” he added.

Oracle, Silver Lake and MGX will each have a 15% ownership stake in the new American entity, while ByteDance will retain 19.9% and 30.1% will be held by affiliates of its existing investors, the memo states. Oracle is co-founded by Larry Ellison, its largest shareholder, whose family also controls CBS through Paramount, which recently attempted to takeover Warner Bros. Discovery as part of a reportedly rejected hostile takeover deal.