JOYY Stock Slips 12% After Baidu Scraps $3.6 Billion Deal For Live-Streaming Business
By Will Feuer
American depositary receipts tied to shares of JOYY fell after Baidu called off its $3.6 billion deal to buy JOYY's live-streaming business in China.
JOYY's Nasdaq-listed ADRs fell nearly 12% to $35.13 in premarket trading. Over the past 12 months, the ADRs were up about 26% through the end of trading on Friday.
ADRs tied to shares of Baidu fell about 2% to $116.60 in the premarket session.
The deal, which was announced in 2020, was subject to certain closing conditions, including obtaining necessary regulatory approvals from government authorities. Baidu said the closing conditions hadn't been met by the end of December.
Singapore-based JOYY said it is seeking legal advice and will consider all options at its disposal in response to the notice from Baidu. JOYY said the sale of the business was "substantially completed" in February 2021.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
January 02, 2024 07:19 ET (12:19 GMT)
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