Baidu, the leading search engine in China, has declared that a $3.6 billion acquisition of Joyy has been canceled because certain terms were not fulfilled by the December 31 deadline.
The popular live streaming network YY Live’s owners, Joyy is listed on the Nasdaq.
It was anticipated that the deal will close in the second quarter of 2021.
With this acquisition, Baidu CEO Robin Li hopes to “catapult Baidu into a leading platform for live streaming and diversity our revenue source.”
YY Live recorded net income of $567.1 million for the third quarter of 2023 as against $586.7 million in the same time in 2022.
YY Live derives money from users who purchase virtual presents performers.
Revenues from live streaming declined by about 9% to $495.8 million.
