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Baidu acquires controlling stake of iQiyi

11/04, 7:17pm

Baidu buys Providence Equity's share of video streaming site

Chinese Internet search giant Baidu announced last week that it had reached an agreement with Providence Equity Partners to purchase the equity firm's share of video streaming site iQiyi. The search company's announcement did not disclose the financial details of the deal. The acquisition of Providence's stake in iQiyi will give Baidu a substantial majority stake in the company.

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