Baidu completes its $3.6 billion acquisition of JOYY's China live-streaming division

Baidu completes its $3.6 billion acquisition of JOYY's China live-streaming division

Baidu completes its $3.6 billion acquisition of JOYY's China live-streaming division

The search engine giant Baidu's efforts to diversify its income streams have been overshadowed by the deal's collapse. In 2020, the firm offered to buy JOYY's live streaming video entertainment business in China, called YY Live.

The China live-streaming division of JOYY Inc., a Nasdaq-listed firm, has been acquired by Baidu for $3.6 billion, the company said in a registration on the Hong Kong Stock Exchange on Monday.

The search engine giant Baidu's efforts to diversify its income streams have been overshadowed by the deal's collapse. In 2020, the firm offered to buy JOYY's live streaming video entertainment business in China, called YY Live.

Due to "not fully satisfied" requirements to finalize the merger by the end of 2023, Baidu subsidiary Moon SPV Ltd canceled its share purchase agreement with JOYY, according to a Monday exchange filing by Baidu.

According to the organization, one of the requirements is getting the required regulatory permissions from the relevant government agencies.

China's antitrust agency was not expected to accept the purchase, according to Reuters in 2021, as Beijing aimed to break up monopolistic tactics and regulate big data.

Leading Chinese social live-streaming site JOYY has grown internationally, with 277 million monthly active users worldwide.