According to the Wall Street Journal, U.S. and Chinese negotiators reached a framework for a “TikTok Deal” during trade talks in Madrid earlier this week. The agreement would establish a new entity to operate the app, controlled by a consortium of investors including Oracle, Silver Lake, and Andreessen Horowitz. American investors would hold about an 80% stake, with Chinese shareholders owning the remainder, and the company would be managed by an American-majority board, including at least one member appointed by the U.S. government.