Baidu has agreed to pay JOYY US$3.6 billion for its video-based entertainment live streaming business YY Live in China, which includes YY mobile app, YY.com website and PC YY.
The transaction is expected to be completed in the first half of 2021.
“This transaction will catapult Baidu into a leading platform for live streaming and diversify our revenue source. YY Live stands to benefit from Baidu’s large traffic and thriving mobile ecosystem, while Baidu will receive immediate operational experience and know-how for large-scale video-based social media development, as well as an enviable creator network that will further strengthen Baidu’s massive content provider network,” said Robin Li, Co-Founder and CEO of Baidu.
“Together with the team from YY Live, Baidu hopes to explore the next-generation livestreaming and video-based social media that can expand beyond entertainment into the diversified verticals on Baidu platform,” he added.