Baidu buys PPS' video business for USD 370 mln

News Broadband China 27 NOV 2013
Baidu buys PPS' video business for USD 370 mln
Chinese search engine company Baidu has bought the online video business of internet video provider PPS for USD 370 million. The transaction is expected to close in Q2, subject to customary closing conditions. PPS' online video business will be merged with Baidu's own video platform iQiyi but will operate as a sub-brand. After the acquisition, Gong Yu will continue to be CEO of iQiyi while 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.

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M&A buyouts & divestments

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