Baidu Inc, the largest Internet search engine in China, said on Tuesday it is buying PPStream Inc’s online video business for $370 million to challenge the nation’s top video services provider.
PPS will merge with iQiyi.com, a popular online video website acquired by Baidu late last year, according to a company statement. PPS will continue to operate as a sub-brand of iQiyi.
After the acquisition, iQiyi.com will become China’s largest online video platform by number of mobile users and video viewing time, the statement said.
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Gao Yuan ,Chen Limin via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/aczCXTzZq9k/
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