The Chinese internet behemoth Baidu Inc. has canceled its planned USD 3.6 billion acquisition of Joyy Inc., a company that provides livestreaming platforms.
In an effort to diversify its revenue streams away from advertising, one of Baidu’s affiliate companies had previously consented to buy the Nasdaq-listed Joyy, the owner of the livestreaming platform YY Live, back in 2020. But according to Reuters, the deal fell through on December 31 after it became apparent that “certain conditions” outlined in a contract had not been met by the agreed-upon deadline.
In a filing with the Hong Kong Stock Exchange, Baidu affiliate Moon SPV Ltd. stated that one of those requirements was “obtaining the necessary regulatory approvals.”
Read More: China’s Baidu backs out of $3.6B acquisition of livestreaming platform provider Joyy
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