TikTok's Chinese owner, ByteDance, on Thursday signed binding agreements to hand control of the short video app's U.S. operations to a group of investors, including Oracle , in a big step toward avoiding a U.

TikTok’s Chinese owner, ByteDance, signed binding agreements with American investors to allow the U.S. arm of the business to continue operating.

TikTok has signed a deal to sell its U.S. business to three American investors — Oracle, Silver Lake and MGX — ensuring the popular social video platform can continue operating in the United States.

TikTok Chief Executive Officer Shou Chew told employees that the company and ByteDance signed binding agreements to create a US joint venture majority-owned by American investors, according to an internal memo reviewed by Bloomberg.