Baidu acquires JOYY’s YY Live for US$2.1 billion

Beijing, 25th February: Baidu, the leading search engine in China, announced to acquire JOYY Inc’s video-based entertainment live streaming business in mainland China for about US$2.1 billion.

Known as YY Live, the video-based entertainment live streaming business was previously owned by JOYY. Under the agreements between Baidu and JOYY, Baidu paid about US$1.6 billion deposited into escrow accounts in accordance with a share purchase agreement, which subsequently ceased to be in force, has been fully released to Baidu. Baidu plans to invest the released funds in its cloud and AI infrastructure.