Home › Baidu acquires online video business of PPS for USD 370 mln
 

Keywords :   


Baidu acquires online video business of PPS for USD 370 mln

2013-05-07 05:51:00| Telecompaper Headlines

(Telecompaper) Chinese search services provider Baidu has acquired the online video business of internet video provider PPS for USD 370 million. Baidu and PPS expect the transaction to close in the second quarter, subject to customary closing conditions. Upon completion, PPS's online video business will be merged with Baidu's own video platform iQiyi. PPS will continue to operate as a sub-brand of iQiyi. The merger will generate synergies and will provide for an improved user experience as well as more content, Baidu said. 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.

Tags: online business video usd

Category:Telecommunications

Latest from this category

All news
»
06.11Hurricane Rafael Update Statement
06.11Summary for Hurricane Rafael (AT3/AL182024)
06.11Warning millions will struggle to pay water bill rises
06.11Atlantic Tropical Weather Outlook
06.11Tropical Storm Rafael Graphics
06.11Tropical Storm Rafael Public Advisory Number 9A
06.11Summary for Tropical Storm Rafael (AT3/AL182024)
06.11Eastern North Pacific Tropical Weather Outlook
More »