China's largest Internet Television platform.
Baidu will contribute assets related to the
operation of Baidu Internet TV Channel to UiTV
in exchange for an 8.3% stake in UiTV and
US$15 million. Following this transaction,
Baidu Internet TV Channel will continue to be
hosted on movie.baidu.com and it will be operated
by UiTV. This channel is not related to
video.baidu.com, Baidu's video search business.
Baidu Internet TV Channel is a website where
Internet users can download movies and TV programs.
Through cooperation with the majority of China's
online movie and TV service and content providers,
including TVB, Enlight Media and many others, Baidu
Internet TV Channel has China's largest database for
authorized copy-righted movie and TV program downloads.
Baidu Internet TV Channel operates an advertising-based
revenue sharing model that allows users to download
copy-righted video content for free. Baidu's independent
director, James Ding, is the chairman of UiTV and owns a
minority interest in that company.
Xuyang Ren, Baidu's vice president of marketing and
business development said, "This transaction will
help UiTV become even more competitive in the Internet
television market thanks to the expanded exposure and
influence of this collaborative platform. It also
offers Baidu the opportunity to benefit from UiTV's
vast future growth potential." Mr. Ren continued,
"Together we can leverage our respective strengths
to provide a better online movie and television
experience for Chinese Internet users."
Song Lin, president and chief executive officer of
UiTV, added, "Our cooperation with Baidu will establish
a strategic relationship that allows both parties to
capitalize on UiTV's strong technical and operational
capabilities. We endeavor to provide the best quality
experience to Baidu's Internet TV Channel users and
expect the new partnership will create a more effective
online advertising platform for our online marketing