Reuters logo
China's Baidu to acquire online video firm for near $400 mln-paper
April 25, 2013 / 4:20 AM / 5 years ago

China's Baidu to acquire online video firm for near $400 mln-paper

SHANGHAI, April 25 (Reuters) - China’s largest search engine, Baidu Inc, is in the process of acquiring Chinese online video firm, PPS Net TV, for between $350-$400 million, China Business News reported on Thursday, quoting sources.

Late last year Baidu acquired a majority stake in its loss-making online video unit, iQiyi. China’s online video industry is hyper-competitive and content costs are expensive. In early 2012, Youku Tudou Inc acquired Tudou in an all-stock deal, making the newly formed company the largest online video player in China.

When acquired, PPS and iQiyi will continue to operate as independent brands, but will share back-end technical integration, the newspaper reported.

A Baidu spokesman declined to comment and a PPS spokesperson could not be reached for comment.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below