Leading Chinese Internet search provider Baidu Inc announced on Monday that the company's planned sale of online video unit iQiyi to its own chief executive has been terminated.
Baidu was not able to reach an agreement on the transaction structure and purchase price after rounds of discussions with a buyers' group led by Robin Li Yanhong and Gong Yu, chief executives of Baidu and iQiyi, respectively.
The buyers' group has withdrawn its offer, the company said in an exchange filing.
In February, Baidu received an offer for its 80.5 percent stake in iQiyi, China's second-biggest online video provider, of $2.8 billion on a cash- and debt-free basis.
