Amid regulatory restrictions in China on various sectors, including technology, companies are forced to reduce investments in non-core areas. As a result, China-based internet search giant Baidu, Inc. (NASDAQ: BIDU) is in talks to sell off its controlling stake in iQIYI, Inc. (IQ) for approximately $7 billion, according to Reuters. The official terms of the deal have not yet been made public.  Following the report, shares of Baidu were trending lower by 3.94% in pre-market trading at last glance, while iQIYI fell more than 5%.
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