Baidu Grabs Providence Equity's Stake In Chinese Video Player

Law360, New York (November 2, 2012, 1:04 PM EDT) -- Chinese-language search engine Baidu Inc. will swipe a majority stake in Web-based television and movie site iQiyi from media-focused private equity group Providence Equity Partners, the company said Friday, as it homes in on video and mobile upgrades.

Financial terms of the deal were not disclosed, and Baidu did not say how big exactly its “substantial majority” stake would be after the deal. The popular online video platform launched in April 2010 with $50 million in funding from Providence and has since operated as joint venture...
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