The Chinese tech behemoth Baidu has called off its acquisition of Joyy’s home-grown livestreaming company, YY Live. The transaction had a US $3.6 billion valuation.
In November 2020, Moon, an affiliate of Baidu, and Joyy entered into a share purchase agreement with the former seeking to expand geographically. However, as of the end of 2023, the terms of the deal “had not been fully satisfied,” per a filing on the Hong Kong stock exchange.
Joyy made a different statement in which it stated that it is seeking legal counsel in light of the acquisition’s termination.
Joyy is a social media and livestreaming platform that is accessible in 150 nations. It runs well-known social media apps like Hago, Likee, and Bigo Live.
Joyy generated US $236 million in revenue in the first three quarters of 2023 thanks to its global user base of over 1.6 million paying customers.
According to Reuters in September 2021, the deal was unlikely to be approved by China’s antitrust regulator. because of its then-current efforts to limit corporate expansions.
