On Monday, Baidu announced the cancellation of its deal to acquire Joyy’s China-focused livestreaming platform, originally slated to conclude by the end of 2023. This 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 by the deadline, Baidu said without specifying the reason for termination. In response, Joyy, the owner of the involved YY Live platform, declared that the company is seeking legal advice and will explore all available options in response to Baidu’s notice. [Baidu filings]
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