TikTok reportedly reached an agreement with Oracle shortly before September 15 to sell its US operations to the American software giant in order to sell the business imposed by President Trump.
The deal ensures the popular social media app will remain functional for millions of fans in the United States.
News of the takeover came not long after the original front-runner Microsoft announced that it had failed in its attempt to take over TikTok's US operations after lengthy talks with the app's Chinese owner, ByteDance.
Digital Trends has asked Oracle for details about doing business with TikTok and we will update this piece as soon as we hear about it.
The search for a buyer for TikTok came after President Donald Trump issued a regulation in early August that the app would be banned in the United States unless ByteDance sold its US assets to an American company by September 15, 2020.
A later executive order extended the deadline to November 12, but last week Trump told reporters that in fact the deadline would not be extended and that ByteDance had until September 15 to reach an agreement.
As part of ByteDance in Beijing, Trump viewed TikTok as a threat to national security.
In the original Executive Order, Trump said TikTok "automatically collects large amounts of information from its users, including Internet and other network activity information such as location data and browsing and search history."
If the Chinese government were to access TikTok's data, it could potentially "track the locations of federal employees and contractors, create dossiers of personal information for extortion, and conduct corporate espionage."
The order also alleged that TikTok "allegedly censors content" that the Chinese government considers politically sensitive, and that the app "can also be used for disinformation campaigns that benefit the Chinese Communist Party".
TikTok said at the time that it was "shocked" when it placed the order, adding that it "never shared user data with the Chinese government or censored content at their request".
The app is believed to have around 100 million active users monthly in the US and around 800 million users worldwide.