Baidu’s Live-Streaming Hopes Hit by Lapse of $3.6 Billion Deal to Buy YY
- Deal for livestreaming business was announced in November 2020
- Tech industry’s focus has turned to generative AI now
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Baidu Inc.’s bid to acquire Joyy Inc.’s live-streaming business for China has lapsed, dealing a blow to the search engine giant’s advances into the digital video arena.
The Beijing-based company said its $3.6 billion deal for Joyy’s YY Live has expired three years after it was unveiled because regulators did not approve the transaction by December 31, according to a Monday filing to the exchange. The deal was previously slated to close in the first half of 2021.