Rumor: Ex-Qidian Team to Provide Content for Tencent Book Channel
Sina Tech, 5/06/13
An industry source revealed on May 6 that a team of former employees of online literature site Qidian (a subsidiary of Shanda Interactive's online literature arm Shanda Cloudary) led by Qidian founder Wu Wenhui recently received investment from Tencent (0700.HK). The team will provide content for the "Man" channel of Tencent's QQ Book Channel (http://book.qq.com/man).
Since leaving Qidian, the source said, Wu and his team have been approached by a number of companies to provide content, including Baidu (Nasdaq: BIDU) and Tencent. The source stated Baidu is in dire need of high-quality original content following copyright suits against its Wenku document-sharing platform, but talks with Wu's team reportedly broke down on the issue of price.
Tencent reportedly announced its investment in Wu's team via an internal e-mail.
Editor's Note: For more information on this topic, please see "Update: Shanda Cloudary CEO to Oversee Qidian," MD 3/10/13 and "Rumor: Baidu to Establish Online Literature Site," MD 4/11/13 issues.
Keywords: Shanda Wu Wenhui content Internet Baidu online literature Qidian Tencent 0700.HK BIDU Cloudary Baidu Wenku funding
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