Baidu Inc. announced the acquisition of the online video business of PPS for $370 million. PPS will continue to operate as a sub-brand of iQiyi. After the acquisition, Gong Yu will continue to be CEO of iQiyi.

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.