Alibaba reportedly will buy a stake in PPTV, an online video streaming service, together with Hunan Satellite TV with $400 million.

The rumor that PPTV was looking for buyers has been around for a while. It was reported that Sohu and Suning showed interest. Vincent Tao, CEO of PPTV, predicted at the beginning of this year that the online video industry would see acquisitions or investments in the second half of this year.

Softbank invested $250 million for a 35% stake in PPTV in 2012. The valuation, about $700 million, is considered high as Baidu paid $370 million for PPS video service, PPTV’s direct competitor.

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Tracey Xiang

Tracey Xiang is Beijing, China-based tech writer. Reach her at traceyxiang@gmail.com