China’s Baidu eyes potential $7bn iQiyi sale

Chinese tech giant Baidu is reportedly in talks to sell off its controlling stake in the country’s second-largest streaming service iQiyi. Baidu is allegedly looking to sell its 53% stake in the ‘Chinese Netflix’, with the company setting a target value at around $7bn. Baidu currently holds more than 90% of iQiyi’s shareholder voting rights. […]

China’s Alibaba & Tencent ‘held talks’ to acquire rival iQiyi, report claims

  Chinese online giants Alibaba and Tencent have both held separate talks with Baidu over buying a controlling stake in rival streaming platform iQIYI, according to reports. Both companies are interested in increasing their empires by adding what is widely seen as the Chinese equivalent of Netflix to their ranks, according to sources cited by […]

China’s Tencent & iQiyi explore Netflix-beating merger, report claims

Chinese media giants Tencent and iQiyi are reportedly exploring a merger that could create the world’s biggest streamer, with more subscribers than Netflix. Tencent is looking to become a majority shareholder in arch-rival iQiyi, according to Reuters, with the strategy designed to reduce both service’s costs and counter competition. iQiyi, which earlier this month hired […]

Consortium withdraws $2.3bn iQiyi offer

A consortium led by the boss of Chinese search conglom Baidu has dropped its US$2.3 billion offer to acquire 80.5% of compatriot on-demand player iQiyi. Baidu chairman and CEO Robin Yanhong Li and chief exec Yu Gong fronted a special committee’s offer to acquire the business from Baidu back in February. They have now […]

Google pulls away from Disney as largest media owner

Google remains the biggest media owner in the world and has extended its lead over second-placed Disney in the latest rankings. ZenithOptimedia compiles the roster of the world’s top media owners and issued its latest findings this morning. Google holding company Alphabet was the clear leader, ahead of Walt Disney. The internet giant was 136% […]

Baidu receives Qiyi bid at $2.8bn valuation

Chinese search giant Baidu has received a buyout offer for its video site Qiyi, which values the service at US$2.8 billion. In a statement, Baidu said it had received a non-binding proposal from Baidu chairman and CEO Robin Yanhong Li and Qiyi CEO Yu Gong for the 80.5% share in Qiyi that is owned by Baidu. “Pursuant to […]

iQiyi to buy and produce 40 shows next year

Chinese online video site iQiyi has revealed it will purchase or produce around 40 shows next year for its subscription on-demand service. The Baidu-owned platform’s investment will account for around 50% of its full year 2016 budget. The firm’s in-house production Notes of Tomb Raiders has performed well, while the recently-launched Shu Shan Zhan Ji […]

Chinese video site iQiyi gets new funding

Beijing Xiaomi Technology has invested US$63 million into Chinese streaming and on-demand site iQiyi as has one of its other existing backers, Baidu, according o Chinese reports. Beijing Xiaomi is one of China’s largest smartphone makers. The consumer electronics firm will also invest in Chinese video sites Youku Toudu and the pair will codevelop new […]

iQiyi to acquire 1,000 US films next year

Chinese on-demand service iQiyi has revealed it will acquire more than 1,000 US feature films next year. This is to “satisfy growing demand” from users for content from the States, Baidu-owned iQiyi said. In June this year, iQiyi subscribers watched more American films than Chinese-language movies for the first time. iQiyi CEO Gong Yu last […]

Chinese Hulu-style service ups content investment

Chinese web giant Baidu has revealed a surge in its content investment, with higher costs relating to its Hulu-style on-demand service iQiyi. Third quarter results showed Baidu, which is the largest Chinese-language internet search provider, had ploughed US$81.2 million in content in the three months to September 30. This equates to 3.7% of Baidu’s overall […]