China: Baidu-backed video service iQiyi raises $1.53b

China: Baidu-backed video service iQiyi raises $1.53b

Image of Baidu campus from Wikimedia.

iQiyi.com, the video subsidiary of Chinese internet company Baidu Inc, has raised $1.53 billion in new funds to compete with rivals in the country’s hotly contested online entertainment sector.

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