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Baidu’s live streaming plans suffer as it calls off $3.6 billion Joyy deal

By Anna Cooban, CNN

Published 9:28 AM EST, Mon January 1, 2024

Baidu’s bid to expand its live streaming business in China and diversify its revenue has suffered a blow with the collapse of a planned $3.6 billion acquisition.

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.

The deal fell through because certain conditions had not been met by the final deadline of December 31, Baidu (BIDU) said in a Monday filing with the Hong Kong Stock Exchange, 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.

Baidu, China’s dominant search engine, 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.”

Like other live streaming platforms in China, YY Live makes money from users who buy virtual gifts for performers.

Joyy reported net revenues of $567.1 million for the third quarter of 2023, down from $586.7 million in the same period the previous year. Live streaming revenues fell by nearly 9% to $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.

Baidu’s live streaming plans suffer as it calls off $3.6 billion Joyy deal

百度取消36亿美元的Joyy交易，直播计划受挫

Baidu’s bid to expand its live streaming business in China and diversify its revenue has suffered a blow with the collapse of a planned $3.6 billion acquisition.

由于一项36亿美元的收购计划失败，百度在中国扩大直播业务和实现收入多元化的目标受到了打击。

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.

这家中国科技巨头周一宣布其下一子公司终止了与Joyy(YY)的一项2020年的协议，Joyy在纳斯达克上市，是很受欢迎的直播平台YY直播的所有者。

The deal fell through because certain conditions had not been met by the final deadline of December 31, Baidu (BIDU) said in a Monday filing with the Hong Kong Stock Exchange, including obtaining the “necessary regulatory approvals.”

百度在周一提交给香港证券交易所的文件中表示，由于截至12月31日的最终期限未能满足某些条件，包括获得“必要的监管批准”，交易未能完成。

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.

Joyy在一份声明中表示其周一收到了百度子公司声称其有权“有效取消交易”的通知。这家在全球拥有多个平台、月活用户约2.77亿的直播公司称其正在寻求法律建议。

Baidu, China’s dominant search engine, 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.

百度，中国最大的搜索引擎，在2020年11月份宣布同意收购YY直播，以增加其除了广告之外的收入来源，并称预期交易在2021年上半年完成。

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.”

百度CEO李彦宏当时表示，此次收购将“使百度成为直播平台领军者，并使我们的收入来源多样化”。

Like other live streaming platforms in China, YY Live makes money from users who buy virtual gifts for performers.

和其他中国的直播平台一样，YY直播也通过用户为主播购买虚拟礼物来挣钱。

Joyy reported net revenues of $567.1 million for the third quarter of 2023, down from $586.7 million in the same period the previous year. Live streaming revenues fell by nearly 9% to $495.8 million.

Joyy报道其2023年第三季度的净收入为5.671亿美元，相比去年同期的5.867亿美元有所下降。直播收入下降了9%，为4.958亿美元。

最后一段不翻译了，