Rumor: iQiyi to Acquire PPS

Kejixun.com, 3/22/13

According to an industry source, Chinese internet firm Baidu (Nasdaq: BIDU) has made an acquisition offer to Shanghai-based P2P video service provider PPS (PPStream) on behalf of its online video subsidiary iQiyi, and the two companies signed an agreement last night. The transaction will be made for USD 350 mln and be paid mostly in cash.

The source also revealed that the funds to be used in the acquisition will be provided by Baidu. Once the transaction is complete, iQiyi and PPS will be merged into a consolidated video service group.

Editor's Note: Sina Tech reports that Baidu and PPS both deny rumors that Baidu has acquired PPS on behalf of iQiyi.

Editor's Note: For more information on this topic, please see "Sohu Responds to Rumors of PPS Acquisition," MD 4/16/12 issue.

Keywords: Internet online video PPStream Baidu P2P BIDU iQiyi M&A

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