TikTok on Thursday signed a deal to spin off its U.S. business, bringing to a close a months-long saga to keep the popular social media app available in the U.S. Nearly 50 percent of the assets —

The deal marks the end of years of uncertainty about the fate of the popular video-sharing platform in the United States.

The deal comes more than a year after Congress passed a law that forced its owner ByteDance to divest its US operations or face a ban.

TikTok has signed agreements with investors to establish a new U.S. joint venture, a move CEO Shou Chew said advances the company toward resolving a yearslong battle over its U.S. operations.

TikTok has finalized a deal with new US owners including Oracle, MGX, and Silver Lake. However, these investors will not have significant control over key business areas, according to an internal memo.

TikTok has signed a deal to form a new U.S. joint venture controlled by mostly American investors that include Oracle Corporation, Silver Lake and MGX, according to an internal memo sent by TikTok CEO Shou Chew and obtained by ABC News.

TikTok's new US joint venture will hand over national-security related tasks to its partners, while ByteDance holds onto key business lines.

TikTok has agreed to give control of its US operations to a new joint venture led by billionaire Larry Ellison and a tech company owned by the United Arab Emirates.According to internal TikTok memos,

The deal won't do "a thing to protect the privacy of American users," said Senate Democrat Ron Wyden of Oregon, who voted against the 2024 bill. "It's unclear that it will even put TikTok's algorithm in safer hands."