Baidu’s $3.6 Billion YY Deal Lapses Without Government’s Nod (1)

Baidu Inc.’s bid to acquire Joyy Inc.’s live-streaming business for China has lapsed, dealing a blow to the search engine giant’s advances into the digital video arena.

The Beijing-based company said its $3.6 billion deal for Joyy’s YY Live has expired three years after it was unveiled because regulators did not approve the transaction by December 31, according to a Monday filing to the exchange. The deal was previously slated to close in the first half of 2021.

Moon SPV, an affiliate of Baidu, terminated its share purchase agreement with Joyy because certain conditions had not been met, ...