Patrick Frater Asia Bureau ChiefBaidu, China Internet search and AI giant, has agreed to pay $3.6 billion in cash for the Chinese live-streaming business of JOYY.
The deal may help Baidu catch up in the fast-growing live and short video sectors, where it trails TikTok-owner Bytedance and social media leader Tencent.Driven by changes in consumer behavior that were accelerated by the coronavirus pandemic, Baidu earlier this year confirmed plans to grow its existing short content streaming activities based around the app called Haokan.
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