Baidu buys VC-backed PPS’ online video platform
Baidu has agreed to pay $370 million for PPS’ online video business, creating an exit opportunity for the company’s venture capital backers. Ceyuan Ventures, Qiming Venture Partners and Vision Knight Capital have invested in PPStream in the last seven years, with Hong Kong telecom provider PCCW also committing capital.
Baidu, China's leading search engine, plans to combine PPS' online video business with its own iQiyi unit, an advertising-supported online television and movie portal. Baidu took full ownership of iQiyi...
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