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Here's more info on the recent purchase.

TikTok announced on Thursday that it had closed a deal that will establish a joint venture for parts of its US business with a group of investors.

Three managing investors will each hold a 15% stake in the new venture: Oracle, private equity firm Silver Lake, and Abu Dhabi-based investment firm MGX.

ByteDance, TikTok's owner, will maintain a 19.9% minority stake — the maximum allowed by the divest-or-ban law that spurred TikTok's sale. The remaining 35.1% will be controlled by a consortium of investors, including affiliates of some existing ByteDance investors.