* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Saturday, July 26, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Cote de Pablo reveals how Michael Weatherly used his soap opera roots to put her at ease in “NCIS” love scene – yahoo.com

    Cote de Pablo Reveals How Michael Weatherly’s Soap Opera Background Made Their “NCIS” Love Scene Easier

    City of Pelham announces entertainment district plans for former Oak Mountain Amphitheatre site – WVTM

    Pelham Unveils Exciting New Entertainment District Plans for Former Oak Mountain Amphitheatre Site

    Black Box Players presents ‘The Three Musketeers’ – CBS 19 News

    Experience the Adventure: Black Box Players Bring ‘The Three Musketeers’ to Life!

    AP Entertainment SummaryBrief at 1:51 p.m. EDT – Channel 3000

    Entertainment Highlights: Key Updates You Can’t Miss

    ‘Devil Wears Prada 2’ casts Anne Hathaway’s love interest replacing Adrian Grenier’s Nate – Entertainment Weekly

    Devil Wears Prada 2′ Casts New Love Interest for Anne Hathaway, Replacing Adrian Grenier’s Nate

    12 ‘Late Show’ Moments Proving Stephen Colbert Can’t Be Replaced – The Mountaineer

    12 Unforgettable ‘Late Show’ Moments That Prove Stephen Colbert Is Truly One of a Kind

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Validea’s Top Information Technology Stocks Based On Peter Lynch – 7/25/2025 – Nasdaq

    Validea’s Top Information Technology Stocks Based On Peter Lynch – 7/25/2025 – Nasdaq

    WhoFi: New surveillance technology can track people by how they disrupt Wi-Fi signals – Tech Xplore

    WhoFi: New surveillance technology can track people by how they disrupt Wi-Fi signals – Tech Xplore

    Google Cloud Announced as a Key Technology Partner for Odoo Connect 2025 in San Francisco – GlobeNewswire

    Google Cloud Announced as a Key Technology Partner for Odoo Connect 2025 in San Francisco – GlobeNewswire

    Behind the Screens: The Impact of Technology on Real Estate – TRREB

    Behind the Screens: How Technology is Transforming the Future of Real Estate

    Sustainserv and Palau Announce Technology Partnership to Leverage Innovative AI Platform to Advance Sustainability Reporting – Business Wire

    Sustainserv and Palau Team Up to Transform Sustainability Reporting with Breakthrough AI Technology

    Morgan Adamski Joins PwC in Newly Created Cyber, Data & Technology Risk Division – HSToday

    Morgan Adamski Leads the Charge in PwC’s Cutting-Edge Cyber, Data & Technology Risk Division

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Cote de Pablo reveals how Michael Weatherly used his soap opera roots to put her at ease in “NCIS” love scene – yahoo.com

    Cote de Pablo Reveals How Michael Weatherly’s Soap Opera Background Made Their “NCIS” Love Scene Easier

    City of Pelham announces entertainment district plans for former Oak Mountain Amphitheatre site – WVTM

    Pelham Unveils Exciting New Entertainment District Plans for Former Oak Mountain Amphitheatre Site

    Black Box Players presents ‘The Three Musketeers’ – CBS 19 News

    Experience the Adventure: Black Box Players Bring ‘The Three Musketeers’ to Life!

    AP Entertainment SummaryBrief at 1:51 p.m. EDT – Channel 3000

    Entertainment Highlights: Key Updates You Can’t Miss

    ‘Devil Wears Prada 2’ casts Anne Hathaway’s love interest replacing Adrian Grenier’s Nate – Entertainment Weekly

    Devil Wears Prada 2′ Casts New Love Interest for Anne Hathaway, Replacing Adrian Grenier’s Nate

    12 ‘Late Show’ Moments Proving Stephen Colbert Can’t Be Replaced – The Mountaineer

    12 Unforgettable ‘Late Show’ Moments That Prove Stephen Colbert Is Truly One of a Kind

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Validea’s Top Information Technology Stocks Based On Peter Lynch – 7/25/2025 – Nasdaq

    Validea’s Top Information Technology Stocks Based On Peter Lynch – 7/25/2025 – Nasdaq

    WhoFi: New surveillance technology can track people by how they disrupt Wi-Fi signals – Tech Xplore

    WhoFi: New surveillance technology can track people by how they disrupt Wi-Fi signals – Tech Xplore

    Google Cloud Announced as a Key Technology Partner for Odoo Connect 2025 in San Francisco – GlobeNewswire

    Google Cloud Announced as a Key Technology Partner for Odoo Connect 2025 in San Francisco – GlobeNewswire

    Behind the Screens: The Impact of Technology on Real Estate – TRREB

    Behind the Screens: How Technology is Transforming the Future of Real Estate

    Sustainserv and Palau Announce Technology Partnership to Leverage Innovative AI Platform to Advance Sustainability Reporting – Business Wire

    Sustainserv and Palau Team Up to Transform Sustainability Reporting with Breakthrough AI Technology

    Morgan Adamski Joins PwC in Newly Created Cyber, Data & Technology Risk Division – HSToday

    Morgan Adamski Leads the Charge in PwC’s Cutting-Edge Cyber, Data & Technology Risk Division

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Technology

Baidu Terminates $3.6 Billion Acquisition of YY Live

January 2, 2024
in Technology
Baidu Terminates $3.6 Billion Acquisition of YY Live
Share on FacebookShare on Twitter

Delivery conditions have not been fully met, Baidu, Inc. terminates the $3.6 billion acquisition of YY Live.

On the evening of January 1st (at Beijing time), Baidu, Inc. (Nasdaq: BIDU, 09888.HK) announced that its affiliated company Moon SPV Limited has terminated the Share Purchase Agreement entered into on November 16th, 2020 and subsequently amended or supplemented by Moon SPV Limited, Baidu (Hong Kong) Limited, JOYY Inc., and other related parties by exercising contractual rights.

According to reports, in November 2020, video social media platform JOYY Inc. (Nasdaq: YY) announced that it had signed a definitive agreement with Baidu, Inc. Under the agreement, Baidu will acquire JOYY’s domestic video entertainment live streaming business (YY Live), including but not limited to YY mobile application, YY.com website, and YY PC for approximately $3.6 billion in cash (subject to adjustment as per the agreement). The completion of the transaction is subject to delivery conditions specified in the agreement, and at that time JOYY Inc. expected the transaction to be completed in the first half of 2021.

Baidu, Inc. stated in its latest announcement that the share purchase agreement stipulates that the delivery of the intended acquisition must meet certain prerequisites, including obtaining necessary approvals from government regulatory authorities and other conditions. If the intended acquisition is not delivered by the final deadline, both the buyer and seller have the right to terminate the share purchase agreement. As of December 31, 2023, which is the final deadline, not all of the prerequisites specified in the share purchase agreement have been fulfilled.

Baidu, Inc. stated that the company will seek to discuss the next steps after terminating the share purchase agreement with JOYY.

“YY Live has been operating independently, and the acquisition has not been approved. It’s like buying a house without getting the property certificate or being unable to transfer ownership. The transaction definitely cannot continue.” According to insiders, the delivery conditions have not been met, and both parties are aware of where they fall short. During this period, Baidu has been acting as a custodian in order to maintain business stability. Both parties have been making efforts to meet the delivery conditions. “The instability of the macro environment indeed brings more unpredictable impacts on the transaction. Terminating the acquisition is beneficial for Baidu as it helps cut losses.”

JOYY Inc. also announced on the same day that it has received a notice from Baidu, Inc.’s affiliated company to terminate the share purchase agreement dated November 2020. The sale of YY Live to Baidu was basically completed on February 8, 2021, with certain matters still pending for future completion. In the announcement, Baidu claims that it has exercised its right to terminate the share purchase agreement and canceled the transaction. JOYY Inc. is seeking legal advice and will consider all available options in response to this notice.

According to the information, Baidu, Inc. has paid $1.9 billion for the equity acquisition case. According to the stock purchase agreement announced in November 2020, the total acquisition price is approximately $3.6 billion in cash, and the purchase price is about $2 billion (adjustable based on certain conditions) to be paid to JOYY Inc. on the closing date of the acquisition. Baidu‘s annual report for 2022 revealed that as of December 31, 2022, a total of $1.9 billion has been paid to YY Live and an aggregate amount of $1.6 billion has been deposited into multiple escrow accounts according to the share purchase agreement.

According to official information, JOYY Inc. was established in April 2005 and went public on NASDAQ on November 21, 2012. Its business covers various fields such as live streaming, news, education, social media, gaming, and finance. The core products include YY, Huya, BIGO Live, Likee, and Joyy Games. Among them, Huya officially went public on the New York Stock Exchange on May 11th, 2018 as the first listed company incubated within the group.

On November 18, 2020, which was the second day of Baidu‘s announcement of acquiring YY Live, Muddy Waters Research shorted JOYY Inc. Muddy Waters Research stated in their report that after studying nearly 150 million transactions, they expected that almost 90% of the revenue reported by JOYY Inc. for its YY Live business was fabricated data. The data showed that approximately 50% of gift-giving revenue on YY Live came from internal servers, and another approximately 40% came from external bots or streamers engaging in fake transactions.

SEE ALSO: Joyy Rejects Fraud Claim by Research Firm, Citing Ignorance of China’s Live-stream Industry

JOYY Inc. responded to the Muddy Waters Research’s short-selling report, stating that the report is filled with ignorance about the live streaming industry and ecosystem. The report lacks clear logic, presents confusing data, generalizes based on biased information, and contains numerous errors.

The short-selling by Muddy Waters did not affect Baidu‘s acquisition of YY Live. Baidu had previously stated in its February 2021 earnings conference call that it plans to integrate deeply with the video social media platform YY Live in terms of live streaming. In the future, Baidu will focus on developing e-commerce and health-related verticals in its business model, expanding its potential for diversified monetization.

On November 21, 2023, Baidu, Inc. released its third-quarter financial report, which showed that Baidu‘s revenue reached CNY 34.447 billion (approximatly $4.8 billion), a year-on-year increase of 6%. The net profit attributable to Baidu (non-GAAP) was CNY 7.3 billion (approximatly $1 billion), a year-on-year increase of 23%.

JOYY Inc.’s financial report for the third quarter of 2023 shows that the company achieved a revenue of $567.1 million, a year-on-year decrease of 3.3%; under non-GAAP, the net profit for this quarter was $81.2 million, a year-on-year increase of 5.5%.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Pandaily – https://pandaily.com/baidu-terminates-3-6-billion-acquisition-of-yy-live/

Tags: Baidutechnologyterminates
Previous Post

Cooler Master’s new high-end power supplies don’t need fans

Next Post

XPeng’s XNGP ADAS Expands Coverage to 191 Cities

Foraging activity by an ecosystem engineer, the superb lyrebird, ‘farms’ its invertebrate prey – besjournals

How the Superb Lyrebird Cleverly ‘Farms’ Its Invertebrate Prey While Foraging

July 26, 2025
AI turns immune cells into precision cancer killers—in just weeks – ScienceDaily

AI turns immune cells into precision cancer killers—in just weeks – ScienceDaily

July 26, 2025
Our new book on ideological threats to science – Why Evolution Is True

Unveiling the Hidden Ideological Threats Challenging Evolutionary Science

July 26, 2025

When Veganism Goes to Extremes: Inside the Rise of an Intense Lifestyle

July 26, 2025
The Semi-Fictional Book That Transformed the Culinary World – The New Yorker

The Semi-Fictional Book That Transformed the Culinary World – The New Yorker

July 26, 2025
The economy is continuing to grow, Jack Ablin says – Fox Business

The Economy Keeps Expanding, Says Jack Ablin

July 26, 2025
Cote de Pablo reveals how Michael Weatherly used his soap opera roots to put her at ease in “NCIS” love scene – yahoo.com

Cote de Pablo Reveals How Michael Weatherly’s Soap Opera Background Made Their “NCIS” Love Scene Easier

July 26, 2025
Wellpoint-IBIS Health Clinical Trial – Mass Retirees Association

Wellpoint-IBIS Health Clinical Trial Empowers Mass Retirees for Better Care

July 26, 2025
Disgraced former US Rep. George Santos reports to NJ federal prison to serve 7-year fraud sentence – CNN

Disgraced Former Rep. George Santos Starts 7-Year Prison Sentence in New Jersey

July 26, 2025
Validea’s Top Information Technology Stocks Based On Peter Lynch – 7/25/2025 – Nasdaq

Validea’s Top Information Technology Stocks Based On Peter Lynch – 7/25/2025 – Nasdaq

July 25, 2025

Categories

Archives

July 2025
MTWTFSS
 123456
78910111213
14151617181920
21222324252627
28293031 
« Jun    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (739)
  • Economy (763)
  • Entertainment (21,644)
  • General (16,111)
  • Health (9,801)
  • Lifestyle (771)
  • News (22,149)
  • People (765)
  • Politics (772)
  • Science (15,978)
  • Sports (21,260)
  • Technology (15,745)
  • World (746)

Recent News

Foraging activity by an ecosystem engineer, the superb lyrebird, ‘farms’ its invertebrate prey – besjournals

How the Superb Lyrebird Cleverly ‘Farms’ Its Invertebrate Prey While Foraging

July 26, 2025
AI turns immune cells into precision cancer killers—in just weeks – ScienceDaily

AI turns immune cells into precision cancer killers—in just weeks – ScienceDaily

July 26, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version