TikTok has finalized a deal to create a new U.S.-based version of its app, forming a joint venture with American investors to avoid a potential nationwide ban.

TikTok has finalized a deal to create a new American version of the app, avoiding the looming threat of a ban in the U.S. that has been in discussion for years. The social video platform

In a press release, TikTok said the new U.S. joint venture "will operate under defined safeguards that protect national security through comprehensive data protections, algorithm security, content moderation,

The joint venture acquiring TikTok’s US assets has been formally established and has announced its leadership team, according to the company, one day before the deadline set by President Donald Trump for the app’s US assets to be spun off by Chinese parent company ByteDance.

TikTok finalized a deal that will spin-off its U.S. operations with the sign off of the Trump administration and the Chinese government as the social media app faced a U.S. ban.

TikTok's Chinese owner, ByteDance, on Thursday said it has finalized a deal to establish a majority American-owned joint venture that will secure U.S. data, to avoid a U.S. ban on the short video app used by over 200 million Americans.

TikTok has finalized the deal for its US entity, with its parent company ByteDance selling majority of its stake to a group of non-Chinese investors.

A year after a law that effectively banned TikTok from the U.S. went into effect, China and the U.S. have signed off on a deal, according to a White House official. Kelly O'Grady explains.