Advertisement

HindustanTimes Tue,23 Sep 2014

China's Baidu to acquire online video firm for near $400 million

Reuters  Shanghai, April 25, 2013
First Published: 15:27 IST(25/4/2013) | Last Updated: 15:29 IST(25/4/2013)

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.

Advertisement


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.


Advertisement
more from Business

Indian BPOs eye LatAm, West Asia for growth

Expanding into Latin American countries would also help them serve US — their largest client — from closer locations. “West Asia is comparatively a virgin market for the Indian BPM companies.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved