Baidu Says Completed Around $155 Million Fundraising for New Video Business Subsidiary

Baidu Says Completed Around $155 Million Fundraising for New Video Business Subsidiary
April 20 07:14 2016 Print This Article

BEIJING (Reuters) – Baidu Inc has completed raising around 1 billion yuan ($154.69 million) for a new video business subsidiary, it said in a posting on its microblog on Wednesday.

The subsidiary will comprise three Baidu units, including on-line video streaming service iQIYI, group-buying service Nuomi and Baidu’s video portal, it said. No further details were provided.

(Reporting by Beijing Monitoring Desk; Editing by Stephen Coates)

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