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Baidu's Qiyi Announces USD 50 Mln from Providence Equity

Baidu PR, 2/26/10

Chinese search company Baidu (Nasdaq: BIDU) has confirmed an agreement with Providence Equity Partners pursuant to which Providence will invest USD 50 mln in Baidu's new online video company, Qiyi, to develop an advertising supported online video business providing premium licensed content in China. Baidu will continue to maintain majority ownership in the company.

Editor's Note: For more background on total investment in Qiyi, initial details of which were revealed in early January, please see "Baidu Announces New Online Video Firm", MD 1/06/10 issue.

Keywords: funding Internet online video Baidu Providence Equity BIDU Qiyi

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