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 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%,