PROVIDENCE – The Rhode Island-based private equity giant Providence Equity Partners is joining forces with Baidu Inc., the leading search engine in China, to develop an online video channel, according to Reuters.
The channel, which is expected to launch in the coming months, has received about $60 million in private equity financing. Baidu is reportedly investing $10 million.
The two firms are planning to buy licensed content to show on the channel, Reuters reported, citing an unnamed source.
Providence Equity already holds a stake in Hulu, the popular video streaming site that is jointly owned by NBC Universal, News Corp. and Walt Disney Co. Providence Equity’s involvement with the site dates back to October 2007 when it invested $100 million.
Hulu is in competition with Google’s YouTube and TV.com, which is supported by CBS Corp.
China’s online video market was worth $23.73 million in the third quarter, Reuters said, citing data from research firm Analysys International. Analysts expect sales to triple in the coming years.
Providence Equity Partners Inc. is a global private investment firm – based in Providence, with offices in Los Angeles, New York City, London, Hong Kong and New Delhi. The firm has invested in more than 100 companies, operating in nearly two dozen nations, since its founding in 1989. Additional information is available at www.ProvEquity.com.
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