(Yicai Global) Oct. 27 -- Chinese tech giant Baidu is wrapping up its acquisition of Chinese live-streaming platform YY Live's domestic business, spending from USD3 billion to USD4 billion, according to insiders.

The price is right and the finalized deal will be announced in early November, the Beijing News reported today, citing people familiar with the matter.

After the deal is done, YY's parent Joyy will focus on its overseas business, people close to the company added.

Guangzhou-based Joyy has declined to comment on the report.

Search engine giant Baidu has been placing more attention on the rising content category lately as it was reported to have set up a live-streaming team, headed by Gu Feng, aka Chen Luojin, in June.

Revenue of Joyy's overseas platform Bigo Live surpassed that of the firm's domestic platforms in the second quarter so selling YY's domestic business makes sense, financial news outlet JRJ.Com reported, citing analysts.

The parent's live-streaming revenues jumped by 40 percent to CNY5.6 billion (USD836.1 million) in the second quarter from a year earlier, driven by Bigo Live which was originally developed by Singapore's Bigo Technology.

Joyy's platforms had 457 million monthly active users on mobile phones worldwide in the three months ended June, rising 21 percent from a year ago. Platforms such as Likee, Bigo Live and Hago boasted double-digit growth. Meanwhile, YY's domestic business widened its user base by 6 percent.

Joyy's stock price [NASDAQ: YY] rose 4.6 percent to USD89.08 yesterday.

Editor: Emmi Laine