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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