Baidu announced that the company has signed a final binding agreement with Huanju Group to fully acquire the latter's domestic livestreaming business (YY Live) for a total consideration of about USD3.6.
The transaction is expected to complete delivery in the first half of 2021.
The transaction includes, but is not limited to the mobile app of YY, the website of YY.com, and the PC client of YY. After the transaction, YY Live will join Baidu and the two parties will realize mutual empowerment in many sectors such as technology, traffic and ecology.
YY Live is a livestreaming platform under Huanju, and it supports the income of Huanju along with the overseas livestreaming brand BIGO. Its main revenue sources are livestreaming and short videos. According to Huanju's financial report for the second quarter of 2020, its livestreaming revenue was about CNY5.6 billion, and its overseas business BIGO contributed more than the domestic business. The report said that the number of monthly active users of YY Live was 41.2 million.
In recent years, Baidu has been investing in the livestreaming ecology. The company established its own product while building its ecology with investment and acquisition.