Baidu, Inc. (NasdaqGS:BIDU) entered into definitive agreements to acquire Domestic Video-Based Entertainment Live Streaming Business from JOYY Inc. (NasdaqGS:YY) for approximately $3.6 billion on November 16, 2020. Under the terms, Baidu will pay consideration in cash, subject to certain adjustments. On February 7, 2021, Baidu entered into amended to the share purchase agreement with JOYY Inc. Pursuant to the agreement, approximately $2 billion of the purchase price would be payable to JOYY at the closing of the acquisition, subject to certain adjustments. After the closing, subject to certain conditions and adjustments, approximately $1 billion would be payable no later than the later of the closing and April 30, 2021, and approximately $300 million would be paid no later than the later of the closing of the acquisition and June 30, 2021, and a maximum amount of $300 million would be payable subject to the achievement of certain conditions. Transaction includes YY mobile app, YY.com website and PC YY, among others. Closing of the transaction is subject to certain conditions and is currently expected to occur in the first half of 2021. As of February 8, 2021, the acquisition has been substantially completed, with certain customary matters remaining to be completed in the near future. As of November 29, 2022, transaction is pending with certain customary matters remaining to be completed in the future, including necessary regulatory approvals from government authorities. As per the filling on August 16, 2021, JOYY Inc Baidu have agreed to extend the long stop date of the proposed transaction to a date mutually agreed upon by the parties. As of September 24, 2021, China's antitrust regulator is unlikely to approve this transaction. Patrick J. Naughton and Mark Brod of Simpson Thacher & Bartlett LLP (New York), Yang Wang of Simpson Thacher & Bartlett LLP (Beijing) and Yi Gao of Simpson Thacher & Bartlett LLP (Hong Kong) acted as legal advisors to JOYY Inc. in the transaction. Z. Julie Gao and Shu Du of Skadden, Arps, Slate, Meagher & Flom acted as legal advisors to Baidu, Inc.

Baidu, Inc. (NasdaqGS:BIDU) cancelled the acquisition of Domestic Video-Based Entertainment Live Streaming Business from JOYY Inc. (NasdaqGS:YY) on January 1, 2024. As of December 31, 2023, the long stop date, the closing conditions provided for in the Share Purchase Agreement had not been fully satisfied.