Chinese search engine Baidu.com (BIDU) has signed an agreement with UiTV.com, an online broadcaster in China, to invest the resources of its movie channel v.baidu.com into UiTV.com for CNY100 million and a 8.3% stake in UiTV.com.
Baidu started its own online movie business in 2005 with about 30 employees to promote a paid service. However, because of operating problems, the business shifted to a free model in October 2006. In October 2007, v.baidu.com formally launched its online ordering business and on November 15, 2007, it jointly launched an interactive TV service with UiTV.com.
Ren Xuyang, vice president for Baidu's market and business expansion, told local media that to invest the capital of v.baidu.com into UiTV.com will help UiTV.com gain greater advantages in its market...
This news article comes via ChinaTechNews.com , who is the copyright owner of this information and news. FintekAsia.com has licensed the rights to this article and any republication or re-distribution in whole or in part of this content is strictly prohibited without the express consent of ChinaTechNews.com
