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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."
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