TikTok said Thursday that it formed a joint venture that will keep the video-sharing app operating in the United States.

The short-form video company said that Adam Presser will be the CEO of TikTok USDS Joint Venture, while TikTok CEO Shou Chew will be a director. Presser was previously TikTok’s head of operations and trust and safety.

The U.S.-based joint venture will operate as an “independent entity,” TikTok said in its announcement. The joint venture will be governed by a seven-member board of directors, the majority of which are American.

The new entity’s board of directors include Chew, TPG Global senior advisor Timothy Dattels, Susquehanna International Group Mark Dooley, Silver Lake co-CEO Egon Durban, DXC Technology CEO Raul Fernandez, Oracle executive vice president Kenneth Glueck, and MGX chief strategy and safety officer David Scott.

TikTok parent ByteDance will retain 19.9% of the new newly created joint venture, the company said. Silver Lake, Oracle and MGX are the new U.S. joint venture’s three managing investors.

ByteDance was subject to a national security law, originally signed by former President Joe Biden, that required the Chinese tech giant to sell its U.S. operations or be effectively banned in the country. But that national security law was never enacted due to several executive orders signed by President Donald Trump throughout 2025.

Those executive orders directed the attorney general from enforcing the national security law while the app’s leaders searched for a buyer.

Chew revealed the name of TikTok’s U.S. entity to employees in December, CNBC reported.

This news is developing, check back for updates.