On one hand, ByteDance, TikTok's Chinese parent company, has finally agreed to a long-awaited deal, Reuters reported. The agreement gives a new joint venture, comprised of American and global investors, control of the app's U.S. operations. Oracle will be in charge of security and the cloud.

Oracle and other investors have a deal with TikTok parent ByteDance to own the video app's U.S. operations. But we don't know all the details yet.

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 sell its U.S. operations to an investment group that includes Oracle, Silver Lake, and UAE-based company MGX, reports Axios. The "TikTok USDS Joint Venture LLC" that includes the three companies will own 45 percent of TikTok,

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.

A memo from TikTok’s top executive reportedly says that the social-media phenomenon inked deals to create a U.S. joint venture, with Oracle’s cloud business as its backbone.

The deal is expected to close next month, with Oracle, Silver Lake and MGX owning 45% of TikTok’s U.S. business.

TikTok announced a deal to sell its U.S. assets to a group of three companies. One of them was co-founded by this Florida billionaire.

Oracle (NYSE: ORCL) shares are jumping 5% in premarket trading this morning, following news that TikTok’s parent company ByteDance signed binding agreements to form a U.S. joint venture majority-owned by American investors.

TikTok’s long-delayed plan to separate from Chinese parent ByteDance was put in motion Thursday when the video sharing sensation said it’s being bought by a group of buyers led by Oracle. Chinese regulators have yet to say whether they’ll approve the transaction.