China-based online video company iQiyi was launched in April 2010, with Baidu and Providence investing that year, when it was known as Qiyi, before changing its name in November 2011.
Chinese language Internet search provider Baidu has increased its holding in China-based online video company iQiyi to a majority stake, acquiring shares from private equity firm Providence Equity Partners for an undisclosed sum.
iQiyi was launched in April 2010, with Baidu and Providence investing that year, when it was known as Qiyi, before changing its name in November 2011.
iQiyi will continue to be a separate brand with its existing management team.
Robin Li, chairman and CEO of Baidu, said:…
