United Kingdom, Dec. 19 -- TikTok owner ByteDance has signed a deal to prevent the social media platform from being banned in the US.

The Chinese company has put pen to paper on binding agreements with both US and global investors to operate its business in America.

Half of the joint venture will be owned by a group of investors that includes Oracle, Silver Lake and MGX.

The deal is set to close next month and will end years of effort from Washington to force ByteDance to sell its US operations amid concern about national security.

It is in line with the deal that was agreed in September, when US President Donald Trump delayed the enforcement of a law that would ban the app if it wasn't sold.

As part of the agreement, ByteDance will ...