Shanghai – Baidu (NASD: BIDU), the top search engine in China, has partnered with Hulu investor
Providence Equity Partners to create a similar video portal in China that will
feature licensed professional content, Reuters reported.
Providence reportedly invested $60 million in
the joint venture, while Baidu will inject $10 million into a fund that will be
used to secure content licenses, sources told Reuters.
The U.S.-based
investment firm is also a backer of Hulu, the video portal joint venture between
News Corp., NBC Universal and Disney.
Reuters noted that Baidu is also a
financial backer of PPLive, another licensed video site in China.
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