JOYY Closes Sale of YY Live

Rhea-AI Summary

JOYY Inc. (NASDAQ: YY) announced the completion of the sale of its YY Live business to Baidu, Inc. (NASDAQ: BIDU) for approximately US$2.1 billion in cash. The transaction involved the video-based entertainment live streaming business in mainland China previously owned by JOYY.

The company had already received approximately US$1.86 billion in February 2021, and on February 25, 2025, JOYY received the remaining US$240 million in additional cash consideration, finalizing the deal.

Positive

• Completed sale of YY Live for US$2.1 billion in cash
• Received final payment of US$240 million
• Transaction provides significant liquidity to JOYY

Negative

• None.

SINGAPORE, Feb. 25, 2025 (GLOBE NEWSWIRE) -- JOYY Inc. (NASDAQ: YY) (“JOYY” or the “Company”), a global technology company, today announced that JOYY entered into agreements with Baidu, Inc. (NASDAQ: BIDU) (“Baidu”) with respect to the sale of the video-based entertainment live streaming business in mainland China previously owned by the Company (known as YY Live), for an aggregate purchase price of approximately US$2.1 billion in cash. The Company previously received approximately US$1.86 billion in February 2021, and, today, the Company received additional cash consideration of approximately US$240 million.

About JOYY Inc.

JOYY is a leading global technology company with a mission to enrich lives through technology. JOYY currently operates several social products, including Bigo Live for live streaming, Likee for short-form videos, Hago for multiplayer social networking, an instant messaging product, and others. The Company has created a highly engaging and vibrant user community for users across the globe. JOYY’s ADSs have been listed on the NASDAQ since November 2012.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. JOYY may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about JOYY’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks is included in JOYY’s filings with the SEC. All information provided in this press release is as of the date of this press release, and JOYY does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

JOYY Inc.
Jane Xie/Maggie Yan
Email: joyy-ir@joyy.com

ICR, Inc.
Robin Yang
Email: joyy@icrinc.com

FAQ

What was the total value of JOYY's YY Live sale to Baidu?

JOYY sold YY Live to Baidu for approximately US$2.1 billion in cash.

When did JOYY receive the final payment for the YY Live sale?

JOYY received the final payment of approximately US$240 million on February 25, 2025.

How much did JOYY (YY) initially receive from Baidu for the YY Live sale?

JOYY initially received approximately US$1.86 billion from Baidu in February 2021.

What business segment did JOYY sell to Baidu?

JOYY sold its video-based entertainment live streaming business in mainland China, known as YY Live.

How was the payment for YY Live structured?

The payment was structured in two parts: US$1.86 billion in February 2021 and the remaining US$240 million in February 2025.