Baidu Terminates $3.6 Billion Deal to Buy JOYY's China Live-Streaming Business
By P.R. Venkat
Baidu has called off a $3.6 billion deal to buy JOYY's video-based entertainment live-streaming business in China.
As of the end of December, the closing conditions for the share purchase agreement had yet to be fully satisfied, Baidu said in a filing late Monday.
Some of the closing conditions in the share purchase agreement included obtaining regulatory approvals from governmental authorities.
"The company seeks to discuss with JOYY the next steps following the termination of the share purchase agreement," the Chinese tech company said.
In a separate statement Monday, Nasdaq-listed JOYY said it is seeking legal advice and will consider all options in response to Baidu's notice to terminate the deal.
JOYY announced the deal nearly four years ago, under which Baidu's acquisition would have included the YY mobile app, YY.com website, and PC YY.
The Nasdaq-listed company operates several social products, including Bigo Live, Likee for short-form videos, Hago for multiplayer social networking, and an instant messaging product.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
January 01, 2024 18:52 ET (23:52 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
After Earnings, Is Alphabet Stock a Buy, a Sell, or Fairly Valued?
-
When Will the Fed Start Cutting Interest Rates?
-
What’s the Difference Between the CPI and PCE Indexes?
-
Powell Unfazed By Sticky Inflation, but Rate Cuts Are Far Off
-
After Earnings, Is Microsoft Stock a Buy, a Sell, or Fairly Valued?
-
Best- and Worst-Performing Stocks of April 2024
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Small-Cap and Value Stocks Are Undervalued
-
4 Utility Stocks to Play the AI Data Center Boom
-
Albemarle Earnings: We Expect Improved Results In the Rest of Year Following Cyclically Low Profits
-
Novo Nordisk Earnings: Raised Fair Value Estimate Still a Contrast to Market Overenthusiasm
-
After Earnings, Is Verizon Stock a Buy, a Sell, or Fairly Valued?
-
Look Inside Berkshire Hathaway’s Portfolio Before Its Annual Meeting
-
How to Invest Like Warren Buffett
-
Cognizant Earnings: Improved Profitability Buttresses Results as Customer Spending Remains Muted
-
10 Top-Performing Dividend Stocks of the Month