Baidu to Buy Joyy’s Live Streaming Business in China, for Approx. US$3.6 Billion

Baidu, Inc. (NASDAQ: BIDU), a search engine, knowledge and information centered Internet platform and AI company, entered into definitive agreements with Joyy, Inc., to acquire its domestic video-based entertainment live streaming business in China (“YY Live”), for an aggregate purchase price of approximately US$3.6 billion in cash, subject to certain adjustments.

The closing of the deal is subject to certain conditions and is currently expected to occur in the first half of 2021.

YY Live includes YY mobile app, website and PC YY, among others,

Commenting on the deal, Robin Li, Co-Founder and CEO of Baidu, said:”…Together with the team from YY Live, Baidu hopes to explore the next-generation livestreaming and video-based social media that can expand beyond entertainment into the diversified verticals on Baidu platform.”



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