JOYY Announces Latest Development in Sale of YY Live
SINGAPORE, Jan. 01, 2024 (GLOBE NEWSWIRE) — JOYY Inc. (NASDAQ:YY) (“JOYY” or the “Company,” formerly known as YY Inc.), a global technology company, announced that the Company received a written notice (the “Notice”) from an affiliate of Baidu, Inc. (“Baidu”) today purporting to terminate the Share Purchase Agreement, dated November 16, 2020 (as subsequently amended or supplemented, the “Share Purchase Agreement”), pursuant to which Baidu would acquire JOYY’s domestic video-based entertainment live streaming business (“YY Live”). While the sale of YY Live to Baidu was substantially completed on February 8, 2021, with certain matters remaining to be completed in the future, Baidu asserted in the Notice that it has and exercised the right to terminate the Share Purchase Agreement and effectively cancel the transaction. The Company is seeking legal advice and will consider all options at its disposal in response to the Notice. The Company expressly reserves all rights.