Exclusive-China’s Baidu in Talks to Sell Majority Stake in Video Streaming Firm IQIYI -Sources – U.S. News & World Report

HONG KONG (Reuters) – China’s internet search engine giant Baidu Inc is in talks to sell its controlling stake in iQIYI Inc, China’s answer to Netflix, in a deal that could value all of iQIYI at about $7 billion, two people with knowledge of the matter said.

Baidu, which owns 53% of iQIYI and holds more than 90% of its shareholder voting rights, plans to sell all its holdings in the Chinese video streaming services firm, said those two people and another two sources familiar with the matter.

Nasdaq-listed iQIYI has a market value of $4 billion. Baidu’s targeted valuation of $7 billion for the whole company in its divestment would represent a price of about $8.13 per share compared with its latest close of $4.67.

The four people with knowledge of the plan declined to be identified due to confidentiality constraints.

The divestment plan, not previously disclosed by Baidu, comes after the firm deemed iQIYI to be a non-core asset, and as it seeks to sharpen its focus on developing its…

Read Full Story: https://www.usnews.com/news/technology/articles/2022-06-15/exclusive-chinas-baidu-in-talks-to-sell-majority-stake-in-video-streaming-firm-iqiyi-sources

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source: https://news.oneseocompany.com/2022/06/15/exclusive-chinas-baidu-in-talks-to-sell-majority-stake-in-video-streaming-firm-iqiyi-sources-us-news-world-report_2022061521748.html

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