Baidu Acquires JOYY's Live Streaming Business in China [Yahoo! Finance]
JOYY Inc. - American Depositary Shares (YY)
Last joyy inc. - american depositary shares earnings: 3/16 06:00 pm
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Source: Yahoo! Finance
with strong Internet foundation, today announced that Baidu entered into agreements with JOYY Inc and acquired the video-based entertainment live streaming business in mainland China (known as YY Live) previously owned by JOYY. Baidu paid an aggregate purchase price of approximately US$2.1 billion . As part of the transaction, the sum of approximately US$1.6 billion that Baidu previously deposited into escrow accounts in accordance with a share purchase agreement (which subsequently ceased to be in force) has been fully released to Baidu. Baidu plans to invest such released funds in its cloud and AI infrastructure. About Baidu Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on NASDAQ under "BIDU" and HKEX under "9888". One Baidu ADS represents eight Class A ordinary shares. Safe Harbor Statement This announcement contains forward-looking statements. These statem
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