Baidu’s bid to expand its live streaming business in China and diversify its revenue has suffered a blow with the collapse of a planned $3.6 billion acquisition.
The Chinese tech giant announced Monday that one of its affiliate companies had terminated a 2020 agreement with Nasdaq-listed Joyy (YY), the owner of popular live streaming platform YY Live.
The deal fell through because certain conditions had not been met by the final deadline of December 31, Baidu (BIDU) said in a Monday filing with the Hong Kong Stock Exchange, including obtaining the “necessary regulatory approvals.”
Joyy said in a statement that it had received a notice from Baidu’s affiliate on Monday asserting its right to “effectively cancel the transaction.” The live streaming company, which owns several platforms and has about 277 million active monthly users globally, said it was seeking legal advice.
Taxes on sugary drinks cut consumer sales by 33%, study says
Raising the price of sugar-sweetened sodas, coffees, teas and energy, sports and fruit drinks by an average of 31% reduced consumer purchases of those drinks by a third, according to a new analysis of restrictions implemented in five US cities.
“What we measured is how consumers change their consumption in response to price changes,” said study author Scott Kaplan, an assistant professor of economics at the US Naval Academy in Annapolis, Maryland.
“For every 1% increase in price, we found a 1% decrease in purchases of these products,” Kaplan said. “The decrease in consumer purchases occurred almost immediately after the taxes were put in place and stayed that way over the next three years of the study.”
William Dermody, vice president of media and public affairs for the American Beverage Association, a representative for the sugar-
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