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Baidu Acquires Online Video Business Of PPS For US $370 Million To Create China's Largest Online Video Platform

About iQiyi

iQiyi (iQiyi.com), formerly known as Qiyi, is China's leading advertising supported online television and movie portal that focuses on fully licensed, high-definition, professionally produced contents. The company was invested by Baidu, Inc. and Providence Equity Partners in early 2010. Baidu acquired the Providence Equity Partners stake in iQiyi in November 2012.

About PPS

PPS was founded in 2005 by Zhang Hongyu, who serves as the company's chairman. Xu Weifeng joined the company later as president. PPS ranks number one in its category by desktop client installations and mobile apps. PPS has leading technologies in P2P online video transmission, PC software, and mobile apps.

For investor and media inquiries, please contact:

China

Victor TsengBaidu, Inc.Tel: +86-10-5992-7244Email: ir@baidu.com

Nick BeswickBrunswick GroupTel: +86-10-5960-8600Email: baidu@brunswickgroup.com

U.S.

Cindy ZhengBrunswick GroupTel: +1-212-333-3810Email: baidu@brunswickgroup.com

SOURCE Baidu, Inc.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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