China’s leading streaming sites — iQiYi, which is owned by Baidu Inc. (NASDAQ: BIDU), as well as Youku Tudou Inc. (NYSE: YOKU) and Sohu.com Inc. (NASDAQ: SOHU) — will all have to remove the programming. Just last month iQiYi replaced Youku as China’s most popular video streaming site.
From now on, all foreign TV shows will need prior approval before being shown online. This is the same sort of control the government exercises of the country’s broadcast TV stations.
SAPPRFT (love the acronym — sounds like something Bill the Cat would say) routinely sends out orders to China‘s websites to remove “inappropriate content” but apparently this order was unique. The agency typically allows the sites some time to remove the offending content, but in this case the sites were directed to remove the programs immediately. Viewers trying to stream the programs received the following message, according to Offbeat China: “For policy reasons, the service is temporarily unavailable.”
ALSO READ: China’s Sina Loses Licenses for Spreading Porn
Baidu, China’s crushingly dominant search engine, has already said that it expects no profit growth in 2014 as it ramps up spending to promote its mobile services. Revenues were up 50% year-over-year in 2013, but Baidu has seen the mobile handwriting on the Chinese wall. It also faces a challenge from gaming and messaging giant Tencent, which acquired a minority stake in competing search engine Sogou last year.
Shares of Baidu are up about 91% over the past 12 months, but they have dropped nearly 10% since reporting 2013 fiscal year earnings in late February. The stock was up about 0.1% in premarket trading Monday, at $163.00 in a 52-week range of $84.45 to $189.34.
ALSO READ: Ten Countries Racing to Buy American Homes
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
