Baidu has announced the acquisition of the live streaming business in China from JOYY Inc, known as YY Live, for a whopping $2.1 billion. This deal isn’t unfamiliar territory for Baidu, as they previously attempted to purchase YY Live back in 2020 for $3.6 billion. However, both parties couldn’t reach an agreement, leading to the collapse of the deal last year. Yet, they have managed to strike a new agreement this year, albeit at a reduced value for YY Live.
According to Baidu, this new agreement allows the company to recover the money they had set aside as a guarantee for the initial purchase. The amount is equal to the difference from the original deal, which the company plans to invest in cloud and AI technologies.
Source: Baidu
TLDR: Baidu acquires YY Live’s live streaming business in China for $2.1 billion after a failed attempt in 2020, with plans to use the recovered funds for cloud and AI investments.
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