Baidu Buys Livestreaming Site For $2.1bn A Year After Shelving Deal [Barron's]
JOYY Inc. - American Depositary Shares (YY)
Last joyy inc. - american depositary shares earnings: 3/16 06:00 pm
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Source: Barrons
The price Baidu said it had paid, detailed in a Hong Kong stock exchange filing, was around 60 percent of what it had agreed in 2020 to pay for the mainland China service. The company said it had "entered into agreements with JOYY Inc and acquired the video-based entertainment live streaming business" and "paid an aggregate purchase price of approximately US$2.1 billion". Baidu founder Robin Li said in 2020 the deal would "catapult Baidu into a leading platform for live streaming and diversify our revenue source". The company agreed at the time to buy YY Live for $3.6 billion. However, it cancelled the deal in January 2024, saying that it was "subject to certain conditions including... obtaining necessary regulatory approvals from governmental authorities". The deal was originally expected to be completed by 2021. Livestreaming is a multimillion-dollar business in China, generating huge profits for e-commerce giants and popular influencers. Baidu has faced increased com
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