Baidu’s on­line video unit at­tracts 1b yuan

China Daily (Canada) - - BUSINESS -

China’s search gi­ant Baidu Inc said on Wed­nes­day that its on­line video unit will of­fi­cially be­come an in­de­pen­dent op­er­a­tion af­ter it suc­cess­fully landed 1 bil­lion yuan ($154.8 mil­lion) ex­ter­nal in­vest­ment. The video unit named Baidu Shipin said in a state­ment that it has re­cently se­cured in­vest­ment from the Shen­zhen­listed tele­vi­sion pro­duc­tion firm Shang­hai New Cul­ture Me­dia Group and a pri­vate equity firm SAIF Part­ners. The unit aims to build it­self into the No 1 on­line plat­form for pro­fes­sion­ally gen­er­ated con­tent.

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