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

SHANGHAI Thu Apr 25, 2013 10:42am IST

An employee walks past the Baidu company signage outside its headquarters in Beijing, July 26, 2011. REUTERS/Soo Hoo Zheyang/Files

An employee walks past the Baidu company signage outside its headquarters in Beijing, July 26, 2011.

Credit: Reuters/Soo Hoo Zheyang/Files

Related Topics

Stocks

   

SHANGHAI (Reuters) - China's largest search engine, Baidu Inc(BIDU.O), 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 (YOKU.N) 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.

(Reporting by Melanie Lee; Editing by Matt Driskill)

FILED UNDER:
  • Most Popular
  • Most Shared

GOOGLE

Tech Showcase

Apple Settlement

Apple Settlement

Apple $450 mln e-book settlement gets final court approval.  Full Article 

Samsung Complain

Samsung Complain

Samsung files ITC complaint to block Nvidia chips from U.S. - Bloomberg.  Full Article 

Jeep SUVs

Jeep SUVs

Chrysler says it will speed up recall repairs for Jeep SUVs.  Full Article 

Internet Rules

Internet Rules

Any new U.S. Internet rules must withstand lawsuits - FCC chief.  Full Article 

Amazon's Plan

Amazon's Plan

Amazon plans ad-supported video streaming service - NY post.  Full Article 

Cellphone Upgrade

Cellphone Upgrade

Mobile phones to get handy upgrade.  Video 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage