Baidu Inc Acquires Online Video Business Of PPS

Tuesday, 7 May 2013 12:24am EDT 

Baidu Inc announced the acquisition of the online video business of Internet video provider PPS for USD370 million. Baidu and PPS expect the transaction to close in the second quarter of 2013. Upon completion of the transaction, the PPS online video business will be consolidated into Baidu's financial statements. PPS's online video business will be merged with Baidu's own video platform iQiyi. After the acquisition, Gong Yu will continue to be CEO of iQiyi. Zhang Hongyu and PPS president Xu Weifeng will serve as co-presidents at iQiyi, and will be in charge of the PPS sub-brand and new business development 

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