Baidu to Acquire JOYY’s Live Streaming Business in China
November 16 2020 - 5:15PM
JOYY Inc. (Nasdaq: YY) (“JOYY” or the “Company”), a global
video-based social media platform, today announced that the Company
entered into definitive agreements with Baidu, Inc. (Nasdaq: BIDU)
(“Baidu”). Pursuant to the agreements, Baidu will acquire JOYY’s
domestic video-based entertainment live streaming business (“YY
Live”), which includes the 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.
Mr. David Xueling Li, Chairman and Chief
Executive Officer of the Company, commented, “As a pioneer in
China’s live streaming industry, JOYY has been deeply engaged in
the live streaming business for many years. YY Live is a leading
pan-entertainment live streaming platform in China and thus
possesses a comprehensive system of operational procedures as well
as a full range of domain expertise related to the development of
live streaming ecosystems, innovation of live streaming
technologies, content operations, monetization features, and
systems for host incubation and host development. As the largest
integrated information and knowledge-focused internet service
provider in China, 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.”
About JOYY Inc.
JOYY Inc. is a global social media platform. The
Company’s highly engaged users contribute to a vibrant social
community by creating, sharing, and enjoying a vast range of
entertainment content and activities. JOYY enables users to
interact with each other in real time through online live media and
offers users a uniquely engaging and immersive entertainment
experience. JOYY owns Bigo, a fast-growing global tech company
headquartered in Singapore. Bigo owns several popular video based
social platforms including Bigo Live, a leading global live
streaming platform outside China; Likee, a leading global
short-form video social platform; and video communication service
and others. JOYY has created an online community for global video
and live streaming users. JOYY Inc. was listed on the NASDAQ in
November 2012.
Investor Relations Contact
JOYY Inc.Tel: +86 (20) 8212-0000Email: IR@YY.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” and similar statements.
Among other things, the business outlook and quotations from
management in this announcement, as well as JOYY’s strategic and
operational plans, contain forward-looking statements. JOYY may
also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission
(“SEC”), 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 fourth parties. Statements that
are not historical facts, including statements about JOYY’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, including but not
limited to the following: JOYY’s goals and strategies; JOYY’s
future business development, results of operations and financial
condition; the expected growth of the online communication social
platform market in China; the expectation regarding the rate at
which to gain active users, especially paying users; JOYY’s ability
to monetize the user base; fluctuations in general economic and
business conditions in China; the impact of the COVID-19 to JOYY’s
business operations and the economy in China and elsewhere
generally; and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in JOYY’s filings with the SEC. All information provided
in this press release and in the attachments is as of the date of
this press release, and JOYY does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
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