00:00The U.S. and China have signed off on a deal to spin off TikTok's U.S. operations.
00:05The app's parent company, ByteDance, will create a joint venture that will be majority-American-owned.
00:11ByteDance will hold a roughly 20% stake in line with U.S. foreign ownership rules.
00:17The move is aimed at securing U.S. data and addressing Washington's national security concerns.
00:22TikTok CEO, Sho Chu, will serve on the board.
00:25The app had been facing a ban if a deal wasn't reached.
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