Baidu terminates $3.6-B purchase of JOYY’s China live-streaming unit
HONG KONG ---Baiduhas terminated its planned $3.6-billionacquisition of Nasdaq-listed JOYY Inc'sChinalive-streamingbusiness, 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 giantBaidu's ambition to diversify its revenue. The company proposed to acquireJOYY'svideo-based entertainmentlivestreamingbusiness inChina, known as YYLive, in 2020. Baiduaffiliate Moon SPV Ltd terminated its sharepurchaseagreement with JOYY because the conditions of closing the deal it provided for "had not been fully satisfied" as of the end of 2023,Baidusaid in an exchange filing on Monday. READ: China's Baidu ...Keep on reading: Baidu terminates $3.6-B purchase of JOYY’s China live-streaming unit
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