Key Takeaways: Joyy’s $3.6 billion sale of its China livestreaming business to Baidu has collapsed, more than three years after the deal was first announced Joyy stopped including the China livestreaming business in its financial results as early as 2021, and was recasting itself as a Singapore-based livestreaming company
Joyy Inc.’s stock fell 11% in premarket trade Tuesday, after the Singapore-based live-streaming platform said Baidu Inc. has cancelled its $3.6 billion bid.
(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.Most Read from BloombergQuake Hits Northwestern Japan, Killing Four, Wrecking HomesIran Sends Warship to Red Sea After US Sinks Houthi BoatsIndia’s Crude Oil Imports From Russia Plunge on Payment IssuesMaersk Halts Red Sea Shipping as US Navy Sinks Houthi BoatsUS Pushed Dutch Maker of Chip Equipment to Block Chinese