Beijing – Baidu (NASD: BIDU), China’s
leading search engine, announced on Friday that it has received a new $50
million investment from Providence Equity Partners for its new online video
portal venture.
The ad-supported video portal, Qiyi.com, will be majority-owned
by Baidu.
"The online video market has great potential for growth in China," said Baidu CEO Robin Li.
"Providence is our ideal
partner in this space as it has rich experience in investing in and managing
businesses that distribute licensed content online. With Baidu’s strong ability
to drive traffic and offer innovative products that suit user needs, we are
very excited about the future prospects of this new company."
Related Links:
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(DMW previous coverage)
