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Published: January 1, 2024 at 6:37 PM ET
Written by PR Venkat
Baidu has canceled its deal to acquire JOYY’s video-based entertainment and live streaming business in China for $3.6 billion.
Baidu said in a filing late Monday that as of the end of December, the terms of the stock purchase agreement had not yet been fully satisfied.
Several…
Written by PR Venkat
Baidu has canceled its deal to acquire JOYY’s video-based entertainment and live streaming business in China for $3.6 billion.
Baidu said in a filing late Monday that as of the end of December, the terms of the stock purchase agreement had not yet been fully satisfied.
Conditions of the stock purchase agreement included obtaining regulatory approval from government authorities.
“The company aims to discuss next steps with JOYY after the end of the share purchase agreement,” the Chinese tech company said.
In a separate statement on Monday, Nasdaq-listed JOYY said it was seeking legal advice and would consider all options in response to Baidu’s termination notice.
JOYY announced the deal nearly four years ago, and Baidu’s acquisition was to include the YY mobile app, the YY.com website, and PC YY.
The Nasdaq-listed company operates several social products, including Bigo Live, short-form video Likee, multiplayer social networking Hago, and instant messaging products.
Email PR Venkat at venkat.pr@wsj.com.
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