Baidu says completed around $155 million fundraising for new video business subsidiary
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Baidu’s company logo is seen at its headquarters in Beijing December 17, 2014.
Reuters/Kim Kyung-Hoon
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)