Home Stock Baidu Slips on Report China Won't OK $3.6B Deal for JOYY's YY...
imageStock Markets18 minutes ago (Sep 24, 2021 11:18AM ET)

(C) Reuters.

By Dhirendra Tripathi

Investing.com – Baidu stock (NASDAQ:BIDU) fell more than 2% Friday on a Reuters report that China’s antitrust regulator is unlikely to approve its $3.6 billion acquisition of JOYY’s video-based domestic live streaming business YY Live.

The cash deal was announced in November.

As per the report, the approval will send a wrong message to the market at a time when the government has taken steps to discourage gaming-related businesses and corporate expansion via deals.

Beijing has been concerned about children’s exposure to video games and last month set new rules limiting the time under-18s can spend playing them.

Two months ago, the antitrust regulator, State Administration for Market Regulation, blocked Tencent’s $5.3 billion plan to merge videogame streaming sites Hula and DouYu on grounds of being anti-competitive.

Baidu Slips on Report China Won’t OK $3.6B Deal for JOYY’s YY Live

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Baidu Slips on Report China Won’t OK $3.6B Deal for JOYY’s YY Live

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