TikTok has finalized a deal to create a new American version of the app, avoiding the looming threat of a ban in the US that has been in discussion for years.

The social video platform company signed agreements with major investors including Oracle, Silver Lake and MGX to form the new TikTok US joint venture. The new app will operate under "defined safeguards that protect national security through comprehensive data protections, algorithm security, content moderation and software assurances for US users," the company said in a statement Thursday.