BEIJING, Sept. 28 /Xinhua-PRNewswire/ -- Baidu.com, Inc. (Nasdaq: BIDU),
the leading Chinese language Internet search provider, today announced that it
has entered into agreements with UiTV, operator of the largest Internet
television platform in China. Under these agreements, Baidu will contribute
assets related to the operation of Baidu Internet TV Channel to UiTV in
exchange for an 8.3% stake in UiTV and US$15 million. Following this
transaction, Baidu Internet TV Channel will continue to be hosted on
movie.baidu.com and it will be operated by UiTV. This channel is not related
to video.baidu.com, Baidu's video search business.
(Logo: http://www.newscom.com/cgi-bin/prnh/20041011/BAIDULOGO )
Baidu Internet TV Channel is a website where Internet users can download
movies and TV programs. Through cooperation with the majority of China's
online movie and TV service and content providers, including TVB, Enlight
Media and many others, Baidu Internet TV Channel has China's largest database
for authorized copy-righted movie and TV program downloads. Baidu Internet TV
Channel operates an advertising-based revenue sharing model that allows users
to download copy-righted video content for free. Baidu's independent director,
James Ding, is the chairman of UiTV and owns a minority interest in that
Xuyang Ren, Baidu's vice president of marketing and business development
said, "This transaction will help UiTV become even more competitive in the
Internet television market thanks to the expanded exposure and influence of
this collaborative platform. It also offers Baidu the opportunity to benefit
from UiTV's vast future growth potential." Mr. Ren continued, "Together we can
leverage our respective strengths to provide a better online movie and
television experience for Chinese Internet users."
Song Lin, president and chief executive officer of UiTV, added, "Our
cooperation with Baidu will establish a strategic relationship that allows
both parties to capitalize on UiTV's strong technical and operational
capabilities. We endeavor to provide the best quality experience to Baidu's
Internet TV Channel users and expect the new partnership will create a more
effective online advertising platform for our online marketing customers."
Baidu.com, Inc. is the leading Chinese language Internet search provider.
As a technology-based media company, Baidu aims to provide the best way for
people to find information. In addition to serving Internet search users,
Baidu provides an effective platform for businesses to reach potential
customers. Baidu's ADSs, each of which represents one Class A ordinary share,
currently trade on the NASDAQ Global Select Market under the symbol "BIDU".
Founded in 2003, UiTV is a leading premium content Internet video platform
in China, holding predominant market share in terms of coverage, reach and
traffic of legitimate content. UiTV allows content owners to safely distribute
their content through its syndication network, enables top tier Chinese
Internet media portals and search engines to provide quality online video
services to their users at very low cost and helps UiTV's advertising
customers to effectively and intelligently place online video ads. With
technical superiority, highly effective operational management and an
innovative business model, UiTV holds a superior position in the Chinese
Internet video community.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements
are made under the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates," "confident" and similar
statements. Among other things, quotations from management in this
announcement contain forward-looking statements. Statements that are not
historical facts, including statements about Baidu's beliefs and expectations,
are forward-looking statements. Forward-looking statements involve inherent
risks and uncertainties that could cause actual results to differ materially
from those contained in any forward-looking statements. Further information
regarding these and other risks is included in our annual report on Form 20-F
and other documents filed with the Securities and Exchange Commission. All
information provided in this press release is as of the date of this press
release, and Baidu undertakes no duty to update such information, except as
required under applicable law.
For investor inquiries please contact:
Tel: (8610) 8262 1188
Ogilvy Financial, Beijing
Tel: (8610) 8520 3090
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Tel: (212) 880 5269
For media inquiries please contact:
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Tel: (8610) 8520 6514
SOURCE Baidu.com, Inc.