Baidu acquires JOYY's live-streaming business in China for $2.1 billion

Baidu said on Tuesday it has acquired social media firm JOYY's live-streaming business in mainland China for about $2.1 billion, as the search engine giant looks to diversify its revenue stream.

U.S.-listed shares of JOYY jumped 6%, while Baidu was up about 1% in premarket trading.

Baidu had proposed to acquire JOYY's live-streaming business called as YY Live in 2020 for $3.6 billion. The deal was terminated in January last year after the conditions for closing was not fully met by the end of 2023.