Baidu says completed around $155 million fundraising for new video business subsidiary

Reuters News
Posted: Apr 19, 2016 10:13 PM

BEIJING (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)