Baidu acquires JOYY's live-streaming business in China for $2.1 billion (updated)

JOYY

25/02/2025 11:21

(Adds share move in paragraph 2, background in paragraph 3)
       Feb 25 (Reuters) - Baidu  9888.HK  said on Tuesday it
has acquired social media firm JOYY's  YY.O  live-streaming
business in mainland China for about $2.1 billion, as the search
engine giant looks to diversify its revenue stream.
    U.S.-listed shares of JOYY jumped 6%, while Baidu was up
about 1% in premarket trading.
    Baidu had proposed to acquire JOYY's live-streaming business
called as YY Live in 2020 for $3.6 billion. The deal was
terminated in January last year after the conditions for closing
was not fully met by the end of 2023.    

 (Reporting by Harshita Mary Varghese in Bengaluru; Editing by
Shilpi Majumdar)
 ((HarshitaMary.Varghese@thomsonreuters.com;))