News this week: The leading Chinese-language Internet search provider, Baidu, announced an agreement to purchase a majority
stake in online video platform iQiyi.com. Details
of the transaction were not disclosed.
The transaction is expected to be completed in the fourth
quarter this year where iQiyi will be consolidated into Baidu’s financial
statement. Upon completion, iQiyi will continue to operate as a separate brand
with its existing management team.
iQiyi was launched in April 2010 as Qiyi until its name
change in November 2011. It is reportedly the first online video platform in
China to focus exclusively on fully licensed, high-definition and
professionally-produced content.
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