Private equity investor teams up with Baidu

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    Private equity firm Providence Equity Partners (Providence) will invest in Baidu's new online video company business. Baidu is China's leading internet…

    Private equity firm Providence Equity Partners (Providence) will invest in Baidu's new online video company business. Baidu is China's leading internet search provider. Providence will supply US$50 million to the new company to develop an advertising supported online video business providing premium licensed content in China. Baidu will remain the majority shareholder in the company.

    Weil Gotshal & Manges advised Providence with Shanghai partners Steve Xiang and Tony Wang leading the team. Other Weil Gotshal attorneys based in Beijing, Hong Kong and New York also assisted in the transaction. Acting for Baidu were Paul Weiss Rifkind Wharton & Garrison, Haiwen & Partners and Walkers.

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