Chinese internet giant Baidu abandoned its attempt to buy local streaming service YY Live from Joyy, after an agreement inked in 2020 expired without all of the closing conditions being met.
In a stock market statement announcing the termination of the deal Baidu did not disclose which elements had not been completed, but noted conditions had included gaining regulatory approvals.
The agreement had a deadline of the end of 2023 with either party able to walk away at that point if it hadn’t gone through.
Baidu’s $3.6 billion deal for app YY Live was announced in November 2020. At the time the internet giant’s CEO Robin Li said the move would greatly improve its position in the live streaming sector and open the door to next generation services.
In a statement yesterday (1 January) Joyy confirmed it had received a written notice from Baidu terminating the agreement. It, however, indicated the deal had been “substantially completed” in February 2021 with some “matters” slated to be finalised in the future.
Joyy added it was “seeking legal advice and will consider all options at its disposal in response to the notice”.
The post Baidu walks away from big money streaming buy appeared first on Mobile World Live.
Commercials Cooperation Advertisements:
(1) IT Teacher IT Freelance
立刻註冊及報名電腦補習課程吧!
电子计算机 -教育 -IT 電腦班” ( IT電腦補習 ) 提供一個方便的电子计算机 教育平台, 為大家配對信息技术, 電腦 老師, IT freelance 和 programming expert. 讓大家方便地就能找到合適的電腦補習, 電腦班, 家教, 私人老師.
We are a education and information platform which you can find a IT private tutorial teacher or freelance.
Also we provide different information about information technology, Computer, programming, mobile, Android, apple, game, movie, anime, animation…
(2) ITSec
www.ITSeceu.uk
Secure Your Computers from Cyber Threats and mitigate risks with professional services to defend Hackers.
ITSec provide IT Security and Compliance Services, including IT Compliance Services, Risk Assessment, IT Audit, Security Assessment and Audit, ISO 27001 Consulting and Certification, GDPR Compliance Services, Privacy Impact Assessment (PIA), Penetration test, Ethical Hacking, Vulnerabilities scan, IT Consulting, Data Privacy Consulting, Data Protection Services, Information Security Consulting, Cyber Security Consulting, Network Security Audit, Security Awareness Training.
Contact us right away.
Email (Prefer using email to contact us):
SalesExecutive@ITSec.vip