Baidu Inc, the largest Internet search engine in China, said on Tuesday it is buying PPStream Inc's online video business for $370 million to challenge the nation's top video services provider.

 

PPS will merge with iQiyi.com, a popular online video website acquired by Baidu late last year, according to a company statement. PPS will continue to operate as a sub-brand of iQiyi.

 

After the acquisition, iQiyi.com will become China's largest online video platform by number of mobile users and video viewing time, the statement said.

 

Analysts said they believe the acquisition will strengthen Baidu's video unit although iQiyi is not yet ready to challenge Youku Tudou.

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