Chinese technology conglomerate Baidu has called off its $3.6 billion acquisition of social media platform Joyy Inc.’s video-based entertainment live streaming business in China, YY Live.
In a filing to the Hong Kong Stock Exchange, Baidu said that its affiliated Moon SPV is exercising its right to terminate the deal as the target has failed to meet certain conditions including to obtain necessary regulatory approvals from government authorities as of December 31 last year.
