by David Carey | Published November 2, 2012 at 2:31 PM
Baidu Inc. said Friday, Nov. 2, it will buy Providence Equity Partners' stake in online video services provider iQiyi.com. Financial terms weren't disclosed. The dominant Chinese-language online search platform Baidu launched iQiyi.com in April 2010 with $50 million in financing from Providence Equity, a Providence, R.I., private equity firm. "Online video is a key strategic vertical for Baidu as user numbers and time-spend continue to increase exponentially, underscoring the tremendous potential in the sector," Baidu chairman and CEO Robin Li said in a statement. "We are very pleased with the progress iQiyi has made and have confidence that iQiyi's management will continue to grow its leading position."
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Corporate reincorporations overseas may suddenly be a hot topic in Washington, but tax scholars see them as part of a much broader problem, says The Deal's David Marcus in a feature story. Deals that allow U.S. companies to migrate overseas - called inversions - are a response to the U.S. tax system's attempt to tax earnings made by U.S. corporations all over the world. Other countries have moved away from such a system, most notably Japan and the U.K. That's made the U.K. a more attractive venue for companies and helped allow Japanese corporations to grow by making acquisitions overseas. But the dysfunctional U.S. political system means such change is unlikely here. More video