Beijing – Chinese Internet TV distributor Ku6 Media
announced on Thursday that it will acquire peer-to-peer online video platform
Pipi from Hangzhou Soushi Networking Co.
China’s Shanda, a major shareholder in
Ku6 that invested $100 million in the company earlier this month, was also an
early investor in Pipi and holds a 32% stake in the company that it will sell
to Ku6 as part of the transaction.
Pipi’s peer-to-peer platform has reached peak
concurrent user rates of 5.3 million.
"We are very pleased to announce
this merger with Pipi, which we believe is one of the best P2P based internet
video platforms in China. After merger with Pipi, we believe we will become the
first internet television company with large-scale operations in both browser
and video player in China," said Ku6 CEO Haifa Zhu.