Remember back in September when President Donald Trump signed an executive order that seemingly finalized some of the terms of a deal to spin off TikTok’s US business? Three months later, that same deal is apparently one step closer to being official.

According to Bloomberg, TikTok CEO Shou Chew told employees that TikTok and ByteDance had signed off the agreement for control of TikTok’s US business. It sounds like terms of the deal are roughly the same as what Trump announced earlier this year. A group of US investors, including Oracle, Silver Lake and MGX will control a majority of the new entity while ByteDance will keep a smaller stake in the venture.

According to Chew’s memo, the deal is expected to close January 22, 2026. “Upon the closing, the US joint venture, built on the foundation of the current TikTok US Data Security (USDS) organization, will operate as an independent entity with authority over US data protection, algorithm security, content moderation and software assurance,” he wrote according to Bloomberg.  TikTok didn’t immediately respond to a request for comment.

Notably, it’s still not clear where Chinese officials stand on the deal. Trump said back in September that China was “fully on board,” but subsequent meetings between the two sides have so far produced vague statements. In October, China’s Commerce Ministry said it would “work with the U.S. to properly resolve issues related to TikTok.”

If a deal is indeed finalized by next month, it will come almost exactly a year after Trump’s first executive order to delay a law that required a sale or ban of the app front taking effect. He has signed off several other extensions since.