Qihoo 360 (QIHU) May Acquire Sogou (SOHU) to Unseat Baidu )BIDU) as Search Leader
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Qihoo 360 (NYSE: QIHU) is lower early amid speculation that the company might be in the works to snatch-up Sohu's (Nasdaq: SOHU) Sogou search engine.
TheNextWeb says that Qihoo might pay $1.4 billion for Sogou with an announcement expected soon. Qihoo CEO Zhou Hongyi flew to the U.S. recently to meet with Sohu CFO Carol Yu. Sogou CEO Wang Xiaochuan wasn't to be at the meetings and will remain at his position upon completion of any merger.
The move would put together China's second and third largest web search engines, a move to unseat de facto market leader Baidu (Nasdaq: BIDU). While Qihoo has about 15.3 percent of China's web traffic, Biadu has somewhere around 69.4 percent. Baidu's share spiked to around 80 percent after Google (Nasdaq: GOOG) pulled out of the country a few years back.
Sogou's Wang posted on Sina (Nasdaq: SINA) Weibo recently, denying the rumor and saying it was the fourth time such a rumor arose.
Shares of Qihoo are up 0.5 percent.
TheNextWeb says that Qihoo might pay $1.4 billion for Sogou with an announcement expected soon. Qihoo CEO Zhou Hongyi flew to the U.S. recently to meet with Sohu CFO Carol Yu. Sogou CEO Wang Xiaochuan wasn't to be at the meetings and will remain at his position upon completion of any merger.
The move would put together China's second and third largest web search engines, a move to unseat de facto market leader Baidu (Nasdaq: BIDU). While Qihoo has about 15.3 percent of China's web traffic, Biadu has somewhere around 69.4 percent. Baidu's share spiked to around 80 percent after Google (Nasdaq: GOOG) pulled out of the country a few years back.
Sogou's Wang posted on Sina (Nasdaq: SINA) Weibo recently, denying the rumor and saying it was the fourth time such a rumor arose.
Shares of Qihoo are up 0.5 percent.
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