Alibaba and Tencent balk at price of ‘Chinese Netflix’
Rivals hold separate talks for stake in iQiyi but $20bn valuation and scrutiny by Chinese regulators prove too much
27 November 2020 - 14:20
Hong Kong/Beijing — Alibaba and Tencent have each held separate talks with Baidu to acquire a controlling stake in video-streaming service iQiyi, people with knowledge of the matter have said.
However, the discussions have stalled with little hope of recommencing soon as they balk at a valuation of about $20bn demanded by Baidu and as both companies, which have their own video-streaming services, face heightened scrutiny by China’s antitrust regulators, two people said...
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