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HONG KONG (Reuters) — Baidu has terminated its planned $3.6 billion acquisition of Nasdaq-listed Joyy’s China livestreaming business, the company said on Monday in a filing with the Hong Kong Stock Exchange.
The failure of the deal casts a shadow on search engine giant Baidu’s ambition to diversify its revenue. The company proposed to acquire Joyy’s video-based entertainment livestreaming business in China, known as YY Live, in 2020.
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