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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Charter, backed by media mogul John Malone, swooped in to make the purchase after Comcast ended its pursuit of Time Warner last month due to resistance from the Federal Communications Commission. More video