Baidu Inc. (NASDAQ:BIDU) saw its shares climb in Hong Kong trading on Wednesday after confirming its $2.1 billion acquisition of YY Live from JOYY Inc. (NASDAQ:YY). Baidus stock (HK:9888) surged up to 3% to HK$88.

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%,

Baidu Inc. has acquired the YY Live streaming platform from Joyy Inc., concluding a drawn-out deal that had been in the works since 2020.

JOYY Inc, a NASDAQ-listed company, has entered into agreements with Chinese tech giant Baidu to complete the sale of YY Live, its video-based entertainment live-streaming business in Mainland China. The latter paid approximately $240 million to close the deal, bringing the aggregate purchase price to $2.1 billion in cash.

China’s leading search engine Baidu has bought YY Live streaming platform from JOYY Inc as it seeks to diversify its revenue streams.

Chinese internet giant Baidu said on Tuesday it had purchased social media platform JOYY Inc's livestreaming business for $2.1 billion, a year after it canceled a deal partly because it failed to get government approval.

Baidu said on Tuesday it has bought JOYY's China live-streaming business for about $2.1 billion, reviving a deal that fell through a year ago, as the search giant doubles down on the fast-growing digital video market.