Subscriber Content Preview | Request a free trialSearch  
  Go

The Deal Magazine

   Request magazine  |  Subscribe to newsletter
Print  |  Share  |  Discuss  |  Reprint

China's Baidu to buy Providence's stake in iQiyi

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."
Share:
blog comments powered by Disqus

Meet the journalists



Movers & Shakers

Launch Movers and shakers slideshow

Dechert LLP hired funds attorney Asma Chandani as counsel in Los Angeles. For other updates launch today's Movers & shakers slideshow.

Video

David Marcus discusses the policy aspects of corporate inversions

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

Sectors