According to Tencent Tech, someone from Baidu confirmed yesterday that Baidu will set up a new business through the investment holding company to expand into the Internet video space; the ex-CEO of 12580 Mr Gong Yu will be the CEO of the new company.
The new company has received 60 million U.S. dollars from U.S. private equity fund investment and it’s set to launch in March 2010.
China’s central television (CCTV) launched CNTV.cn at the end of year 2009, Shanda Interactive Entertainment (operator of online games) acquired online video portal ku6.com last November, and Youku raised $40 million for expansion about two weeks ago…We can definitely see a lot of competitions in the online video industry this year.
