On February 25, Baidu announced the acquisition of JOYY's live-streaming business in mainland China for approximately $2.1 billion. This move aligns with Baidu's strategy to broaden its revenue sources.
Following the news, JOYY's U.S.-listed shares surged by 6%, while Baidu's stock showed a 1% increase in premarket trading.
Previously, Baidu had attempted to purchase JOYY's live-streaming platform, YY Live, for $3.6 billion in 2020. However, the deal was called off in January the following year due to unmet closing conditions by the end of 2023.