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Chinese internet giant Baidu has said it was cancelling the planned multi-billion-dollar purchase of livestreaming platform YY Live, partly blaming its inability to get government approval.Baidu, the country's top search engine company, agreed in 2020 to buy JOYY Inc's Chinese live video business YY Live for $3.6 billion.
Cancelling the YY Live acquisition is expected to help Baidu put more teeth into its artificial intelligence-centric business and product strategy.
Baidu's $3.6 billion deal with live-streaming platform JOYY was terminated after failing to get "necessary regulatory approvals" before the set deadline.
China’s Baidu cancels $3.6bn purchase of livestreaming site - Business - BEIJING: Chinese internet giant Baidu has said it was cancelling the planned multi-billion-dollar purchase of livestreaming platform YY Live, partly blaming it...
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