| Home : May 07 2013 Computer News : China's Baidu expands online video business with $370 million acquisition |
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China's Baidu expands online video business with $370 million acquisition |
May 07, 2013
China's largest search engine Baidu is getting closer to becoming the country's largest online video provider with a new US$370 million acquisition.Baidu is spending the money to buy the online video business of PPS, a popular video sharing company in China, it said Tuesday. The acquisition is expected to close in the second quarter of this year.Following the acquisition, the online video business of PPS will be merged into Baidu's own video platform, known as iQiyi. The search giant claims this will turn iQiyi into China's largest online video platform by number of mobile users and video viewing time.The acquisition by Baidu points to further consolidation of China's online video sector. Last year, two of the country's leading video sites, Youku and Tudou, joined forces in a major merger. The companies re-branded themselves as Youku Tudou.To read this article in full or to leave a comment, please click here
Link: http://www.pcworld.com/article/2038053/chinas-baidu-expands-online-video-business-with-370-million-acquisition.html#tk.rss_all
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