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

TikTok's Chinese owner, ByteDance, finalized a deal on Thursday to set up a majority American-owned joint venture company to avoid a U.S. ban on the popular social media app used by more than 200 mill...

The new TikTok USDS Joint Venture LLC will serve more than 200 million users and 7.5 million businesses.