China reports Reuters Platform Patrick China

Chinese Streamer iQiyi Reportedly Offered for Sale at $7 Billion

Reading now: 925
variety.com

Patrick Frater Asia Bureau ChiefBaidu, operator of China’s dominant search engine, has reportedly put up for sale its entire stake in iQiyi, the country’s second largest conventional video streaming platform.

IQiyi has close to 100 million subscribers, nearly all in mainland China.The sale plan was revealed as an exclusive report by the Reuters news agency.

It said that Baidu has set a target price of $7 billion for the company. Baidu currently owns 53% of iQiyi’s equity and controls more than 90% of the voting rights at the firm.

Both Baidu and IQiyi shares are traded in ADR form on the U.S.’s NASDAQ exchange.IQiyi said, “This is purely market rumor,” in a statement emailed to Variety.Founded in 2009, IQiyi was one of the first companies in China to replace DVD stores and internet cafes where Chinese consumers got many of the films at the beginning of the century and to successfully provide an easy means for subscribers to make monthly recurring payments without a credit card.

Read more on variety.com
The website celebsbar.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA