JOYY provides update related to sale of YY Live

JOYY (YY) announced that the company received a written notice from an affiliate of Baidu (BIDU) purporting to terminate the Share Purchase Agreement, dated November 16, 2020, pursuant to which Baidu would acquire JOYY’s domestic video-based entertainment live streaming business. While the sale of YY Live to Baidu was substantially completed on February 8, 2021, with certain matters remaining to be completed in the future, Baidu asserted in the Notice that it has and exercised the right to terminate the Share Purchase Agreement and effectively cancel the transaction. The company is seeking legal advice and will consider all options at its disposal in response to the Notice.