Chinese internet giant Baidu abandoned its attempt to buy local streaming service YY Live from Joyy, after an agreement inked in 2020 expired without all of the closing conditions being met.
In a stock market statement announcing the termination of the deal Baidu did not disclose which elements had not been completed, but noted conditions had included gaining regulatory approvals.
The agreement had a deadline of the end of 2023 with either party able to walk away at that point if it hadn’t gone through.
Baidu’s $3.6 billion deal for app YY Live was announced in November 2020. At the time the internet giant’s CEO Robin Li said the move would greatly improve its position in the live streaming sector and open the door to next generation services.
In a statement yesterday (1 January) Joyy confirmed it had received a written notice from Baidu terminating the agreement. It, however, indicated the deal had been “substantially completed” in February 2021 with some “matters” slated to be finalised in the future.
Joyy added it was “seeking legal advice and will consider all options at its disposal in response to the notice”.