Baidu, one of the giants in China is now reportedly looking to sell their majority stake in popular video streaming service, iQiyi.
Baidu today has a 53% stake in iQiyi, in addition to 90% of shareholders ’voting rights.
iQiyi today is valued at around $ 4 billion on a listing on Nasdaq, but Baidu values it at around $ 7 billion for the sale of its stake.
For now, iQiyi says it's just market speculation, and it's not known who will buy Baidu's stake today.
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BUSINESS & MONEY