Baidu terminates $3.6 bln purchase of JOYY's China live-streaming unit (updated)

JOYY

01/01/2024 12:40

(Updates context and more details)
    By Summer Zhen
       HONG KONG, Jan 1 (Reuters) - Baidu  9888.HK  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. 
    Baidu affiliate Moon SPV Ltd terminated its share purchase
agreement with JOYY because the conditions of closing the deal
it provided for "had not been fully satisfied" as of the end of
2023, Baidu said in an exchange filing on Monday. 
    The conditions included obtaining necessary regulatory
approvals from governmental authorities, the company said. 
    Reuters in 2021 reported China's antitrust regulator was
unlikely to approve the deal as Beijing sought to control big
data and break down monopolistic practices.
    JOYY is a leading Chinese social live-streaming platform and
has expanded globally, with global monthly active users reaching
277 million. 

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Baidu to buy JOYY's China live-streaming unit    https://www.reuters.com/article/us-baidu-results/baidu-revenue-beats-estimates-to-buy-joyys-china-live-streaming-unit-idUSKBN27W2VH/
EXCLUSIVE China is unlikely to approve Baidu's $3.6 bln purchase
of JOYY's YY Live - sources    https://www.reuters.com/world/china/exclusive-china-is-unlikely-approve-baidus-36-bln-purchase-joyys-yy-live-sources-2021-09-24/
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 (Reporting by Summer Zhen; Editing by Jan Harvey)
 ((summer.zhen@thomsonreuters.com; 852-3462-7739;))