Baidu Receives $50 Million From Providence To Start A Video Subsidiary

Chinese search engine Baidu.com has received a $50 million investment from Providence Equity Partners to start a video subsidiary. The video service will be just like Hulu. Baidu was planning to invest $10 million of their own money in the project too. Baidu will have a majority stake in the venture. Baidu’s video website will be monetized by ads and there will be licensed premium content. The video website will most likely be called Qiyi.com. [paidContent]

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