Baidu has recently announced the cancellation of its plan to acquire JOYY Inc, a leading live streaming service provider in China. This decision came after the company had previously submitted a bid to acquire the entire business in 2020, with a value of 3.6 billion dollars. Baidu cited dissatisfaction with the terms of the deal as the reason for this cancellation, including the lack of approval from regulatory authorities.
JOYY, known as YY Live in China, is a major live streaming platform owner with a global user base of approximately 277 million people.
In a nutshell, Baidu has called off its acquisition plan of JOYY Inc, a prominent live streaming service provider in China. The decision was driven by unsatisfactory deal terms and the absence of regulatory approval. JOYY, recognized as YY Live in China, boasts a substantial user base of around 277 million worldwide.
Tl;DR: Baidu cancels its deal to acquire JOYY Inc, a leading live streaming provider in China, citing dissatisfaction with deal terms and lack of regulatory approval. JOYY, known as YY Live, has a large user base of approximately 277 million globally.
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