BEIJING, Sept. 28 /Xinhua-PRNewswire/ -- Baidu.com, Inc. (Nasdaq: BIDU),
the leading Chinese language Internet search provider, today announced that it
has entered into agreements with UiTV, operator of the largest Internet
television platform in China. Under these agreements, Baidu will contribute
assets related to the operation of Baidu Internet TV Channel to UiTV in
exchange for an 8.3% stake in UiTV and US$15 million. Following this
transaction, Baidu Internet TV Channel will continue to be hosted on
movie.baidu.com and it will be operated by UiTV. This channel is not related
to video.baidu.com, Baidu's video search business.
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Baidu Internet TV Channel is a website where Internet users can download
movies and TV programs. Through cooperation with the majority of China's
online movie and TV service and content providers, including TVB, Enlight
Media and many others, Baidu Internet TV Channel has China's largest database
for authorized copy-righted movie and TV program downloads. Baidu Internet TV
Channel operates an advertising-based revenue sharing model that allows users
to download copy-righted video content for free. Baidu's independent director,
James Ding, is the chairman of UiTV and owns a minority interest in that
company.
Xuyang Ren, Baidu's vice president of marketing and business development
said, 'This transaction will help UiTV become even more competitive in the
Internet television market thanks to the expanded exposure and influence of
this collaborative platform. It also offers Baidu the opportunity to benefit
from UiTV's vast future growth potential.' Mr. Ren continued, 'Together we can
leverage our respective strengths to provide a better online movie and
television experience for Chinese Internet users.'
Song Lin, president and chief executive officer of UiTV, added, 'Our
cooperation with Baidu will establish a strategic relationship that allows
both parties to capitalize on UiTV's strong technical and operational
capabilities. We endeavor to provide the best quality experience to Baidu's
Internet TV Channel users and expect the new partnership will create a more
effective online advertising platform for our online marketing customers.'
About Baidu
Baidu.com, Inc. is the leading Chinese language Internet search provider.
As a technology-based media company, Baidu aims to provide the best way for
people to find information. In addition to serving Internet search users,
Baidu provides an effective platform for businesses to reach potential
customers.
