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

by Mike Robinson

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© Reuters.

By Dhirendra Tripathi

Investing.com – Baidu stock (NASDAQ:) 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.

This cash deal was first announced back in November.

The report states that the approval sends a bad message to the market in a period when government steps have been taken to curb gaming-related businesses.

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.

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