Baidu’s online video company to receive $50M investment from Providence Equity Partners

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Database Reference:  F231109-354
Business:  Baidu
Other Web Links:
Location:  China, Beijing
Region:  Asia
Business description:  Baidu, Inc. is the leading Chinese language Internet search provider. In addition to serving individual Internet search users, Baidu provides a platform for businesses to reach potential customers. Baidu’s ADSs, each of which represents one Class A ordinary share, are currently trading on the NASDAQ Global Select Market under the symbol “BIDU.”
Category: Search, Video
Contact:  Robin Li, Chief Executive Officer

Investors:  Providence Equity Partners
Contact:  Jonathan Nelson, Chief Executive Officer of Providence 
Amount raised:  $50,000,000
Details:  Baidu, Inc. (Nasdaq: BIDU) has  announced that Baidu and Providence Equity Partners (“Providence”) have signed an agreement pursuant to which Providence will invest $50 million in Baidu’s new online video company to develop an advertising supported online video business providing premium licensed content in China. Baidu will continue to maintain majority ownership in the company. The new online video company has registered as its domain name.

Link:  Press Release

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