Baidu terminates $3.6 billion deal to acquire YY Live

On Monday, Baidu announced the cancellation of its deal to acquire Joyy’s China-focused livestreaming platform YY Live, originally slated to conclude by the end of 2023. The collapse of the move, once seen as the tech giant’s ambitious foray into the flourishing livestreaming industry, was attributed to the deal’s closing conditions outlined in the November 2020 Share Purchase Agreement, which Baidu claimed had not been fully satisfied. The conditions involved obtaining necessary regulatory approvals from government authorities and completing the transaction within the stated deadline, though Baidu did not specify the precise reason for termination. In response, Joyy has declared that it is seeking legal advice and will explore all available options. [Baidu filing]