The parent company of TikTok has reportedly finalized a deal to sell off a majority stake in its U.S. operations to non-Chinese investors, allowing the company to continue its American operations in the face of a looming ban.
Under the deal, tech giant Oracle, Emirati investment firm MGX, and U.S. investment firm Silver Lake will own much of the video app’s U.S. operations, The New York Times reports.
U.S. and Chinese officials have signed off on the agreement, a White House official told NBC News.
This is a breaking news story and will be updated with new information.
