The leading search engine company, Baidu, is all set to acquire JOYY’s domestic video-based entertainment live streaming business in China. The business is called “YY Live,” and it includes YY mobile app, YY.com website, and PC YY, among others. The cost of the deal is approximately $3.6 billion in cash.
Closing of the transaction is expected in the first half of 2021. “Baidu has built a vibrant mobile ecosystem in the past few years to enable the fast growth of our non-advertising revenues by increasing log in users, adding social engagement to our platform and expanding non-advertising offerings, including membership, live streaming and online games. This transaction will catapult Baidu into a leading platform for live streaming and diversify our revenue source,” said Robin Li, Co-Founder and CEO of Baidu. The move will allow JOYY to focus on overseas growth.
YY Live will benefit from Baidu's large traffic and thriving mobile ecosystem. At the same time, with YY Live onboard, Baidu will receive immediate operational experience and knowhow for large-scale video-based social media development, as well as an enviable creator network that will further strengthen its massive content provider network.
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