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JOYY Inc. Report: $2.1B Sale of YY Live to Baidu - Key Financial Insights

$YY
Form 6-K
Filed on: 2025-02-25
Source
JOYY Inc. Report: $2.1B Sale of YY Live to Baidu - Key Financial Insights

Here are the key insights extracted from the provided financial report of JOYY Inc.:

  1. Company Overview: JOYY Inc. is a foreign private issuer, indicated by its filing of Form 6-K with the SEC.
  2. Report Date: This report is dated February 25, 2025.
  3. Transaction Announcement:
  • JOYY Inc. announced the sale of its video-based entertainment live streaming business in mainland China, known as YY Live.
  • The buyer is Baidu, Inc., a well-known Chinese technology company.
  1. Financial Details:
  • The total purchase price for the sale is approximately $2.1 billion in cash.
  • JOYY Inc. had previously received $1.86 billion from Baidu in February 2021 concerning this transaction.
  • On the date of the report, JOYY received an additional cash consideration of approximately $240 million.
  1. Signatory Information:
  • The report is signed by Ting Li, who is the Chairman and Chief Executive Officer of JOYY Inc.
  1. Safe Harbor Statement: The report contains forward-looking statements that are subject to risks and uncertainties. The company advises that actual results may differ from those projected.

This information reflects a significant development in JOYY's strategy, focusing on its financial transactions and the implications for its business structure going forward. The sale of YY Live indicates a shift in the company’s operational focus while also generating substantial cash inflow.