RTTNews | Nov 16, 2020 08:18PM EST

20:17 Monday, November 16, 2020 (RTTNews.com) - Baidu Inc.(BIDU) agreed to buy JOYY Inc.'s (YY) domestic video-based entertainment live streaming business in China for an aggregate purchase price of about US$3.6 billion in cash. The deal includes YY mobile app, YY.com website and PC YY, the companies said in a statement.

The closing of the deal is currently expected to occur in the first half of 2021.

David Xueling Li, Chairman and Chief Executive Officer of JOYY said,"... 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 monetization capabilities to unleash greater value in a larger ecosystem."

Read the original article on RTTNews ( https://www.rttnews.com/3146471/baidu-to-buy-joyy-s-live-streaming-business-in-china-for-about-3-6-bln-in-cash.aspx)

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