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Baidu Paying $3.6 Billion for JOYY’s China Live-Streaming Business

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Baidu, China Internet search and AI giant, has agreed to pay $3.6 billion in cash for the Chinese live-streaming business of JOYY. The deal may help Baidu catch up in the fast-growing live and shor…

The oft-rumored acquisition of JOYY’s china businesses takes Baidu significantly further in the direction of short form and may provide benefits to the YY Live business it is buying.and diversify our revenue source.” said Robin Li, co-founder and CEO of Baidu in a filing.

YY, hosted 41.2 million mobile MAUs in the second quarter of 2020 — up 6% from a year earlier. However, YY’s number of paid users fell 2% year-over-year to 4.1 million. Listed on the NASDAQ stock exchange, JOYY is a China-based company that currently enjoys more than 90% of its revenue overseas. Among its assets is Singapore-based short video site Bigo. The sale of its YY business in China, is expected to allow JOYY to invest further in the international businesses.

 

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