Rumor has it that Gong Yu, recently from China Mobile,
would head the offshoot. The new company would have
the standard advertisement-based revenue model, with
licenced content. It has seemingly won $60M in outside
financing, with Baidu holding a controlling stake. Expected
to be online in two months.
Confirmed on 1/5 that the foreign investor is
Providence Equity Partners, an investor in Hulu.