PPTV denies buyout rumors

Online video provider PPTV has denied rumors it will be jointly acquired by e-commerce giant Alibaba Group Holding Ltd and Hunan Satellite TV.

"We have noticed related media reports. PPTV is operating independently, well, and we have nothing to announce at present," PPTV told China Daily on Wednesday.

A report from IT industry portal 36kr.com said on Wednesday that the prospective deal is almost closed, with the transaction reaching $400 million.

It cited venture capital sources as saying the buyout will accommodate Alibaba's ambitions in the online video sector, while helping Hunan Satellite TV tap into online audiences.

Alibaba declined to comment on the report when approached by China Daily.

In July, Alibaba said it will introduce gesture-controlled smart TV in coming months, a product that will deliver online payment and video- game downloading services.

In May, PPTV launched a similar Internet-enabled set-top box, PPBOX.

The online video industry saw a major reshuffle after industry leader Youku and Tudou merged in 2012.