Baidu Confirms New Ad-Supported Online Video Venture
January 06, 2010 at 09:11 AM EST
Chinese Internet search giant Baidu this morning announced plans to set up a new independent company to provide licensed, advertising-supported online video content to Chinese Internet users. Reuters earlier this week caught wind of the company's plans to launch the Hulu-like destination site, and also reported that Hulu investor Providence Equity Partners was going to have a significant stake in the venture.