Baidu Acquires JOYY's Live Streaming Business in China

Group 1 - Baidu has acquired the video-based entertainment live streaming business YY Live from JOYY Inc for approximately US$2.1 billion [1] - As part of the transaction, Baidu has received approximately US$1.6 billion that was previously held in escrow accounts [1] - Baidu plans to invest the released funds into its cloud and AI infrastructure [1] Group 2 - Baidu is a leading AI company founded in 2000, with a mission to simplify the complicated world through technology [2] - The company trades on NASDAQ under the ticker "BIDU" and on HKEX under "9888" [2]