April 20, 2016 / 2:17 AM / 2 years ago

Baidu says completed around $155 million fundraising for new video business affiliate

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

Baidu's company logo is seen at its headquarters in Beijing December 17, 2014. REUTERS/Kim Kyung-Hoon

Baidu Video will operate independently of Baidu. It will also be separate from online video-streaming service iQiyi and group-buying service Nuomi, a Baidu spokeswoman said.

($1 = 6.4646 Chinese yuan renminbi)

(This story has been corrected to show the video business is an affiliate, not subsidiary, and will operate independently)

Reporting by Beijing Monitoring Desk; editing by Stephen Coates

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below