Baidu in online video venture with Hulu investors
Tuesday, January 5th, 2010
Baidu, China’s top search engine, is joining forces with Providence Equity Partners, an investor in US video streaming site Hulu, to launch an online video channel in China. According to sources close to the situation, the new channel will be offering licensed content and is expected to start in the first quarter of 2010.
The joint venture company is reported to have received $60mln in private equity funds in addition to $10mln invested by Baidu into the firm. Reports also indicate that Gong Yu, a former senior executive at China Mobile, will be the CEO of the new online video venture.