ByteDance has agreed to transfer control of TikTok’s US operations into a new joint venture backed by Oracle, Silver Lake and Abu Dhabi based MGX, according to reports citing an internal memo from CEO Shou Chew.

The deal is expected to close on 22 January 2026 and is designed to meet US national security demands and avert a ban. Oracle is set to play a central role in storing and securing US user data under the new structure.