Google search engine

China: Search engine Baidu scraps acquisition of live streaming platform YY – World News Network

Date:

Beijing [China], January 2 (ANI): Baidu, China’s leading search engine, terminated its planned USD 3.6 billion acquisition of Nasdaq-listed Joyy (YY) live streaming business dealing a blow to its effort to diversity revenue and expand its live streaming business in the country, CNN reported.
The Chinese tech giant announced Monday that one of its affiliate companies had terminated a 2020 agreement with Nasdaq-listed Joyy (YY), the owner of popular live streaming platform YY Live.
Baidu (BIDU) said in a Monday filing with the Hong Kong Stock Exchange that the deal fell through because certain conditions had not been met by the final deadline of December 31 including obtaining the “necessary regulatory approvals”.
Joyy said in a statement that it had received a notice from Baidu’s affiliate on Monday asserting its right to “effectively cancel the transaction.” The live-streaming company, which owns several platforms and has about 277 million active monthly users globally, said it was seeking legal advice, CNN reported.
Baidu, announced in November 2020 that it had agreed to buy YY Live in an attempt to grow its revenues from sources other than advertising and that it expected the deal to close in the first half of 2021.
Baidu CEO Robin Li said at the time that the acquisition would “catapult Baidu into a leading platform for live streaming and diversify our revenue source.”
Notably, like other live streaming platforms in China, YY Live makes money from users who buy virtual gifts for performers.
Joyy reported net revenues of USD 567.1 million for the third quarter of 2023, down from USD 586.7 million in the same period the previous year. Live streaming revenues fell by nearly 9 per cent to USD 495.8 million.
In late 2020, Chinese authorities started clamping down on what it saw as overly powerful companies, with a particular focus on Big Tech. But as China’s economic outlook deteriorates, Beijing has shown signs of easing the crackdown, frequently talking up tech companies’ role in the economy, according to CNN. (ANI)


Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News


Paris Appreciation Awards

Read More

World Polls

Read More

Short News

Read More

Indian Bureaucrats

Read More

World Talent Management

Read More

World Brand Ambassadors

Read More

Film Critics

Read More

Influencers

Read More

Video Press Release

Read More

podcasts Press Release

Read More

Social Media

Read More

Colleges Press Release

Read More

Business Press Release

Read More

Critics Press Release

Read More

Fashion Marketing Press Releases

Read More

Gaming Press Release

Read More

Finance Press Release Distribution

Read More

Creative Press Release

Read More

Animals Press Release

Read More

Tech News Press Release

Read More

Cryptomarket Press Release

Read More

Fitness News Press Release

Read More

Gadgets Press Release

Read More

Gardening Press Release

Read More

Stockmarket Press Release

Read More

Product Reviewers and Marketing

Read More

Crypto Press Release Distribution

Read More

Film Festivals Marketing

Read More

India Real Estate Marketing

Read More

Indian Medical Tourism

Read More

Travel Marketing Press Release

Read More

Health Marketing Press Release

Read More

Events Marketing Press Release

Read More

Restaurants Marketing Press Release

Read More

City Business Listing

Read More

World Import Export

Read More

PR Franchise

Read More

Radio Press Release Distribution

Read More

Movies Distribution

Read More

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

“Multiple casualties reported,” says Australian PM after stabbing attack in Sydney shopping mall – World News Network

Australian Prime Minister Anthony Albanese expressed his heartfelt condolences to those affected by the unfolding tragedy and said, "Our hearts go out to those injured" at Bondi Junction on Saturday.

Prof Mona Maron appointed first Arab rector of an Israeli university – World News Network

A world-renowned researcher in the field of neuroscience and post-trauma, Maron will replace Prof. Gur Alroey, who in October will become the university president.

UN Chief appoints Muhannad Hadi as new Deputy Special Coordinator for Middle East Peace – World News Network

United Nations Secretary-General Antonio Guterres announced today the appointment of Muhannad Hadi of Jordan as his new Deputy Special Coordinator and Resident Coordinator, Office of the United Nations Special Coordinator for the Middle East Peace Process (UNSCO).

Pakistan: Gunmen abduct, kill 9 bus passengers after checking ID cards – World News Network

Some unidentified gunmen shot dead at least nine people hailing from Punjab after abducting them from a passenger bus in Noshki, officials said. Another attack on a separate vehicle killed one person and injured four

Paris Appreciation Awards

Read More

World Polls

Read More

Short News

Read More

Indian Bureaucrats

Read More

World Talent Management

Read More

World Brand Ambassadors

Read More

Film Critics

Read More

Influencers

Read More

Video Press Release

Read More

podcasts Press Release

Read More

Social Media

Read More

Colleges Press Release

Read More

Business Press Release

Read More

Critics Press Release

Read More

Fashion Marketing Press Releases

Read More

Gaming Press Release

Read More

Finance Press Release Distribution

Read More

Creative Press Release

Read More

Animals Press Release

Read More

Tech News Press Release

Read More

Cryptomarket Press Release

Read More

Fitness News Press Release

Read More

Gadgets Press Release

Read More

Gardening Press Release

Read More

Stockmarket Press Release

Read More

Product Reviewers and Marketing

Read More

Crypto Press Release Distribution

Read More

Film Festivals Marketing

Read More

India Real Estate Marketing

Read More

Indian Medical Tourism

Read More

Travel Marketing Press Release

Read More

Health Marketing Press Release

Read More

Events Marketing Press Release

Read More

Restaurants Marketing Press Release

Read More

City Business Listing

Read More

World Import Export

Read More

PR Franchise

Read More

Radio Press Release Distribution

Read More

Movies Distribution

Read More

Send this to a friend