Baidu buys Chinese streaming service YY Live for USD 3.6 billion cash

News Broadband China 17 NOV 2020
Baidu buys Chinese streaming service YY Live for USD 3.6 billion cash
Baidu has agreed to buy YY Live, a Chinese live streaming service for USD 3.6 billion in cash from social media platform Joyy. The news comes after Baidu released results for the third quarter, showing the company back in the black. The transaction is expected to close some time in the first half. 

Joyy CEO David Xueling Li said the deal will allow YY Live to access Baidu’s user traffic, boosting its business growth and pushing its monetization capabilities. The deal includes the YY mobile app, YY.com website and PCC YY.

The sale is only for Joyy's Chinese operations. Joyy also owns Bigo, a global tech firm based in Singapore. Bigo itself owns Bigo Live, a global live streaming platform outside of China; Likee, a global short-form video social platform; and a video communication service. The company was listed on the Nasdaq in November 2012.

Categories:

Internet

Companies:

Baidu

Countries:

China

Tags:

Messaging, Corporate strategy, M&A buyouts & divestments

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