Baidu to acquire Providence Equity Partners' stake in iQiyi
Providence Equity Partners, the specialist media and communications GP, will sell its stake in China-based online video portal iQiyi.com to Baidu. Providence held the asset for two-and-a-half years, having reportedly invested $50 million.
The transaction is expected to close in the fourth quarter of 2012. Upon completion, Baidu will have a substantial majority stake in iQiyi, which will be consolidated into its financial statements. Launched...
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