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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.
HONG KONG (Reuters) -Baidu has terminated its planned $3.6 billion acquisition of Nasdaq-listed JOYY Inc's China live-streaming business, the company said on Monday in a filing with the Hong Kong stock exchange. The failure of the deal casts a shadow on search engine giant Baidu's ambition to diversify its revenue. The company proposed to acquire JOYY's video-based entertainment live streaming business in China, known as YY Live, in 2020.
According to a Monday stock market filing, Chinese tech giant Baidu canceled its $3.6 billion acquisition of JOYY Inc.'s live-streaming subsidiary, YY Live.
Shares of JOYY Inc. (NASDAQ:YY – Get Free Report) have been assigned a consensus recommendation of “Moderate Buy” from the five research firms that are covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1 […]