Baidu’s Live-Streaming Hopes Hit by Lapse of $3.6 Billion YY Deal

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Baidu first announced the acquisition in November 2020 as part of a strategy to broaden its content offerings to better diversify its revenue. Photo: Bloomberg

(Bloomberg) — Baidu Inc.’s bid to acquire Joyy Inc.’s live-streaming business for China has lapsed, dealing a blow to the search engine giant’s advances into the digital video arena.

The Beijing-based company said its $3.6 billion deal for Joyy’s YY Live has expired three years after it was unveiled because regulators did not approve the transaction by Dec. 31, according to a Monday filing to the exchange. The deal was previously slated to close in the first half of 2021.