Baidu (BIDU) announced that Baidu entered into agreements with Joyy (YY) and acquired the video-based entertainment live streaming business in mainland China known as YY Live, previously owned by Joyy. Baidu paid an aggregate purchase price of approximately $2.1B. As part of the transaction, the sum of approximately $1.6B that Baidu previously deposited into escrow accounts in accordance with a share purchase agreement has been fully released to Baidu. Baidu plans to invest such released funds in its cloud and AI infrastructure.
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