Lucknow, NFAPost: OYY Inc. (Nasdaq: YY) (“JOYY” or the “Company”), a global video-based social media platform, announced that the Company entered into definitive agreements with Baidu, Inc. (Nasdaq: BIDU) (“Baidu”) for the acquisition of the live streaming business.
As per the deal the agreements, Baidu will acquire JOYY’s domestic video-based entertainment live streaming business (“YY Live”), which includes the YY mobile app, YY.com website, and PC YY, among others, for an aggregate purchase price of approximately $3.6 billion in cash, subject to certain adjustments.
The closing of the transaction is subject to certain conditions and is currently expected to occur in the first half of 2021.
Expressing happiness over the development, Nasdaq-listed Chinese live streaming and social media platform JOYY Chairman and Chief Executive Officer David Xueling Li said as a pioneer in China’s live streaming industry, JOYY has been deeply engaged in the live streaming business for many years.
“YY Live is a leading pan-entertainment live streaming platform in China and thus possesses a comprehensive system of operational procedures as well as a full range of domain expertise related to the development of live streaming ecosystems, innovation of live streaming technologies, content operations, monetisation features, and systems for host incubation and host development,” said JOYY Chairman and Chief Executive Officer David Xueling Li.
As the largest integrated information and knowledge-focused internet service provider in China, JOYY Chairman and Chief Executive Officer David Xueling Li pointed out that Baidu has built an extensive mobile internet ecosystem covering one billion monthly active users, including over 200 million daily active mobile users on its Baidu app alone.
“This transaction will allow YY Live to access Baidu’s massive user traffic, boost its business growth, and enhance its ecosystem’s monetisation capabilities to unleash greater value in a larger ecosystem,” said JOYY Chairman and Chief Executive Officer David Xueling Li.
JOYY Inc. is a global social media platform which has onboarded highly engaged users to contribute a vibrant social community by creating, sharing, and enjoying a vast range of entertainment content and activities. JOYY enables users to interact with each other in real-time through online live media and offers users a uniquely engaging and immersive entertainment experience.
JOYY owns Bigo, a fast-growing global tech company headquartered in Singapore. Bigo owns several popular video based social platforms including Bigo Live, a leading global live streaming platform outside China; Likee, a leading global short-form video social platform; and video communication service and others.
Chinese live streaming and social media platform JOYY has created an online community for global video and live streaming users. JOYY Inc. was listed on the NASDAQ in November 2012.