Baidu’s live streaming plans suffer as it calls off $3.6 billion Joyy deal
Baidu’s bid to expand its live streaming business in China and diversify its revenue has suffered a blow with the collapse of a planned $3.6 billion acquisition.
The Chinese tech giant announced Monday that one of its affiliate companies had terminated a 2020 agreement with Nasdaq-listed Joyy (YY), the owner of popular live streaming platform YY Live.
The deal fell through because certain conditions had not been met by the final deadline of December 31, Baidu (BIDU) said in a Monday filing with the Hong Kong Stock Exchange, including obtaining the “necessary regulatory approvals.”
Joyy said in a statement that it had received a notice from Baidu’s affiliate on Monday asserting its right to “effectively cancel the transaction.” The live streaming company, which owns several platforms and has about 277 million active monthly users globally, said it was seeking legal advice.

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