Baidu acquires Providence Equity Partners' stake in iQiyi / Bitauto announces strategic investment from AutoTrader Group
Baidu acquires Providence Equity Partners' stake in iQiyi
Baidu, the Chinese language Internet search provider, announced that it has reached a definitive agreement to which Baidu will purchase shares of iQiyi.com held by Providence Equity Partners for an undisclosed amount. Upon completion, Baidu will have a substantial majority stake in iQiyi. iQiyi, launched in April 2010 and known as "Qiyi" until November 2011, is an online video platform that focus exclusively on fully licensed, high-definition and professionally-produced content. iQiyi will continue to operate as a separate brand with its existing management team. This move come just after the merger between YoKou and Tudou. Few times ago, Ku6 Media announced a partnership with NetEase and 360Buy an alliance with Chinese online video site LeTV for online video shopping. http://shipingou.360buy.com
Bitauto announces strategic investment from AutoTrader Group
Bitauto Holdings Limited, a provider of Internet content and marketing services for China automotive industry, announced that certain existing pre-IPO shareholders of the Company entered into definitive agreements with AutoTrader Group, operator of a digital automotive marketplace in the USA. AutoTrader Group and members of Bitauto senior management team to acquire approximately 21.8% and 2.4% stakes, respectively, from early shareholders. The senior management team - Mr. William Bin Li, chairman and chief executive officer, Mr. Jingning Shao, president, Mr. Andy Xuan Zhang, chief financial officer, and Mr. Weihai Qu, senior vice president - funded the purchase through a four-year term loan from AutoTrader Group.