Baidu Inc. Cancels $3.6-B YY Live Acquisition

Baidu Inc. has canceled the planned $3.6 billion purchase of YY Live due to failure to receive regulatory approval. After canceling the deal, Baidu aims to focus on AI-centric business and product strategy. The cancellation was partly due to the failure to meet delivery conditions, including government approval, as specified in the share purchase agreement. The failed acquisition highlights the persistent regulatory hurdles in China's technology sector, but Baidu may seek alternative strategies to establish a robust presence in the digital video arena.