Baidu terminates $3.6 billion purchase of JOYY's China live streaming unit

has terminated its planned $3.6 billion acquisition of Nasdaq listed JOYY Inc's China live streaming business, the company said on Monday in a filing with the Hong Kong stock exchange. The failure of the deal casts a shadow on search engine giant Baidu's ambition to diversify its revenue. The company proposed to acquire JOYY's video based entertainment live streaming business in China, known as , in 2020. Baidu affiliate Moon SPV Ltd terminated its share purchase agreement with JOYY because the conditions of closing the deal it provided for "had not been fully satisfied" as of the end of 2023, Baidu said in an exchange filing on Monday. The conditions included obtaining necessary from governmental authorities, the company said. Reuters in 2021 reported China's was unlikely to approve the deal as Beijing sought to control big data and break down monopolistic practices. JOYY is a leading Chinese social live streaming platform and has expanded globally, with global monthly active users reaching 277 million. Stay on top of and that matters. to our daily newsletter for the latest and must read tech news, delivered straight to your inbox.