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Chinese iQiyi Buys Mobile Game Developer

Nasdaq-listed video streaming service provider iQiyi Inc. said Tuesday it took over Chinese mobile game developer Skymoons Digital Entertainment Co. in a deal that could total 2 billion yuan ($299 million).

IQiyi paid 1.27 billion yuan up front. If Skymoons hits specified performance targets in the next two years, iQiyi will pay an additional 730 million yuan, according to the agreement.

The acquiring company said the deal will enhance its gaming business while complementing its video services.