YY - China's Antitrust Regulators Could Derail Baidu's Bid for JOYY's Chinese Business
Last November, Baidu (NASDAQ: BIDU) , the Chinese tech giant that owns the country's top search engine, agreed to buy JOYY 's (NASDAQ: YY) Chinese live streaming platform, YY Live, for $3.6 billion.
That acquisition would have diversified Baidu's business beyond its core online marketing business, which generated 65% of its revenue in the first half of 2021. It would also give it a foothold in China's massive live streaming market. It would also have enabled JOYY to exit the Chinese market and focus on expanding its higher-growth short video and streaming apps overseas.
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China's Antitrust Regulators Could Derail Baidu's Bid for JOYY's Chinese Business