Sina Tech, 5/14/18
Chinese internet firm Baidu's (Nasdaq: BIDU) online video subsidiary iQiyi (Nasdaq: IQ) has reportedly completed its acquisition of Nuomi Pictures, the film division of Baidu's online and mobile group buying platform subsidiary Nuomi.com Technology, according to a source close to the matter. Rumors of the transaction have circulated since as early as October 2017. Employment contracts for personnel at Nuomi Pictures have reportedly already been transferred to iQiyi and Nuomi Pictures staff are said to be iQiyi employees officially as of last week. iQiyi reportedly paid USD 200 mln to complete the acquisition, but the company has not yet commented on the matter. A representative for Baidu denied that a merger has been completed, but said that Nuomi Pictures and iQiyi are cooperating deeply at the technology and traffic levels.
Editor's Note: For more information on this topic, please see Baidu Nuomi Denies Rumor of Selling Film Division to iQiyi, MD 10/27/17 issue.