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Chinese internet titan Baidu announced on Monday it was cancelling their planned massive purchage of YY Live, a Chinese video live streaming business, due to their inability to receiving for adequate government authorisation.
Livestreaming has turned into a multi-left industry in China, with the large ecommerce companies and influencers capitalising on the nickelodeon. Baidu’s dominance in the internet space is facing increasing competition from competitors like Tencent, ByteDance, and a host of others. But Baidu remains adamant, despite, as of December 31, 2023, no regulatory approval being rendered.
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