Joyy (NASDAQ:YY) shares are trading higher on Tuesday after it was announced Baidu is planning to buy the company's live streaming business in China for $3.6 billion in cash.
Joyy is a social media platform. JOYY enables users to interact with each other in real-time through online live media and offers users immersive entertainment experience. Its products include YY Live, Bigo Live, Huya, Likee, imo, and Hago. The company operates in (Peoples' Republic of China)PRC and other countries, out of which PRC accounts for the majority of the revenue.
JOYY shares were trading up 6.72% at $102 on Tuesday during the time of publication. The stock has a 52-week high of $108.21 and a 52-week low of $41.33.