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How Baidu’s Video Deal Shortchanges Shareholders

Content is king, unless you cannot enjoy what you have paid for.

And this is one of the charges leveled by an investment firm against Chinese search giant Baidu. BIDU -2.03 % Acacia Partners says the “Google of China” is selling its online video subsidiary iQiyi too cheaply. Making matters worse, even as it gets ready to unload the video site it is sinking more and more cash into creating original content for it. And the buyer isn’t a third party, but a team led by management, including...