Baidu said on Tuesday it has acquired social media firm JOYY's live-streaming business in mainland China for about $2.1 billion, as the search engine giant looks to diversify its revenue stream. U.S.-listed shares of JOYY jumped 6%,

Baidu Inc. (NASDAQ:BIDU) saw its shares climb in Hong Kong trading on Wednesday after confirming its $2.1 billion acquisition of YY Live from JOYY Inc. (NASDAQ:YY). Baidus stock (HK:9888) surged up to 3% to HK$88.

Baidu Inc. has acquired the YY Live streaming platform from Joyy Inc., concluding a drawn-out deal that had been in the works since 2020.

Baidu said on Tuesday it has bought JOYY's China live-streaming business for about $2.1 billion, reviving a deal that fell through a year ago, as the search giant doubles down on the fast-growing digital video market.