Joyy Stuck With Unwanted China Business After $3.6 Billion Baidu Sale Collapses

News Snapshot:

MTStock Studio It wasn’t a very happy New Year for Joyy Inc. (NASDAQ:YY), which kicked off 2024 by announcing the collapse of its 3-year-old deal to sell its China-based livestreaming business to Baidu (BIDU) for $3.6 billion. The deal looked like a winner for Joyy when it was announced back in 2020, allowing the company to offload a business in China’s sensitive livestreaming sector that has become a hotbed for regulatory crackdowns. In addition to the big price tag, the sale would have transformed Joyy to a Singaporean company whose main business was its similar Bigo livestreaming business, which was...