Shanghai New Culture Media has led a funding round for a Baidu spinout that will focus on original video content, while game developer Dalian Zeus has invested approximately $39m.
TV and film production company Shanghai New Culture Media Group has led a RMB 1bn ($155m) funding round for a newly formed online video subsidiary of China-based internet company Baidu, China Money Network reported today.
The round also included private equity firm SAIF Partners, according to an announcement on Baidu’s Weibo account.
According to a regulatory filing today, Game developer Dalian Zeus Entertainment has agreed to provide RMB 250m for Baidu Video as part of a strategy to expand its…
