BEIJING, Nov. 16, 2020 /PRNewswire/ -- Baidu, Inc.
(NASDAQ: BIDU) ("Baidu" or the "Company"), a leading search engine,
knowledge and information centered Internet platform and AI
company, today announced that the Company had entered into
definitive agreements with JOYY Inc. ("JOYY"). Pursuant to the
agreements, Baidu will acquire JOYY's domestic video-based entertainment live streaming
business in China ("YY Live"),
which includes YY mobile app, YY.com website and PC YY, among
others, for an aggregate purchase price of approximately
US$3.6 billion in cash, subject to
certain adjustments. The closing of the transaction is subject to
certain conditions and is currently expected to occur in the first
half of 2021.
"Baidu has built a vibrant mobile ecosystem in the past few
years to enable the fast growth of our non-advertising revenues by
increasing log in users, adding social engagement to our platform
and expanding non-advertising offerings, including membership, live
streaming and online games. This transaction will catapult Baidu
into a leading platform for live streaming and diversify our
revenue source." said Robin Li,
Co-Founder and CEO of Baidu. "YY Live comes to Baidu bringing great
synergy. YY Live stands to benefit from Baidu's large traffic and
thriving mobile ecosystem, while Baidu will receive immediate
operational experience and knowhow for large-scale video-based
social media development, as well as an enviable creator network
that will further strengthen Baidu's massive content provider
network. Together with the team from YY Live, Baidu hopes to
explore the next-generation livestreaming and video-based social
media that can expand beyond entertainment into the diversified
verticals on Baidu platform."
About Baidu
Baidu, Inc. is a leading search engine,
knowledge and information centered Internet platform and AI
company. The Company's mission is to make the complicated world
simpler through technology. Baidu's ADSs trade on the NASDAQ Global
Select Market under the symbol "BIDU". Currently, ten ADSs
represent one Class A ordinary share.
Contacts
Investors Relations, Baidu, Inc.
Tel: +86-10-5992-8888
Email: ir@baidu.com
Safe Harbor Statement
This announcement contains
forward-looking statements. These statements are made under the
"safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "confident"
and similar statements. Among other things, quotations from
management in this announcement contain forward-looking statements.
Baidu may also make written or oral forward-looking statements in
its periodic reports to the U.S. Securities and Exchange
Commission, in its annual report to shareholders, in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. Statements that
are not historical facts, including but not limited to statements
about Baidu's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement. Further information regarding these and other risks is
included in the Company's annual report on Form 20-F and other
documents filed with the Securities and Exchange Commission. Baidu
does not undertake any obligation to update any forward-looking
statement, except as required under applicable law. All information
provided in this press release and in the attachments is as of the
date of the press release, and Baidu undertakes no duty to update
such information, except as required under applicable law.
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SOURCE Baidu, Inc.