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Tencent, Sohu, Baidu Unit to Form Online Video Alliance

Tencent Holdings Ltd., Sohu.com Inc. and Baidu Inc.’s iQiyi.com unit said they will form an alliance to offer online video services in China, a month after industry leader Youku Inc. agreed to buy a rival to cut costs.

The agreement between Tencent, Sohu and iQiyi will cover collaboration on content licensing and broadcasts, according to a joint statement e-mailed by the companies yesterday. The partnership will help restore “rational pricing” for video content, it said.