We consider caching of video streams in a cellular network in which each base station is equipped with a cache. Video streams are partitioned into multiple substreams and the goal is to place substreams in caches such that the residual backhaul load is minimized. We consider two coding mechanisms for the substreams: Layered coding (LC) mechanism and multiple description coding (MDC). We develop a distributed asynchronous algorithm for deciding which files to store in which cache to minimize the residual bandwidth, i.e., the cost for downloading the missing substreams of the user's requested video with a certain video quality from the gateway (i.e., the main server). We show that our algorithm converges rapidly. Finally, we show that MDC partitioning is better than the LC mechanism when the most popular content is stored in caches; however, our algorithm enables to use the LC mechanism as well without any performance loss.