Complex sentence: In May 2013, the online video business of PPS.tv was acquired by Baidu for $370 million, which merged PPS.tv as a sub-brand under iQiyi, Baidu's online video platform.
Split into simpler sentences: In May 2013, the online video business of PPS.tv was purchased by Baidu for $370 million. After the acquisition, PPS.tv continued to operate as a sub-brand under iQIYI, Baidu's online video platform.