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

Ron Burgundy

By Ron Burgundy,
in Tech News

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Ron Burgundy Omniscient Member

Ron Burgundy

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Baidu's company logo is seen at its headquarters in BeijingBEIJING (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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