New company to aggregate premium content through advertising supported modelBEIJING, Jan 06, 2010 /PRNewswire via COMTEX/ -- Baidu, Inc. (Nasdaq: BIDU), the
leading Chinese language Internet search provider, today announced its plan to
establish a new independent company to provide licensed online video to
Chinese Internet users.
(Logo: http://www.newscom.com/cgi-bin/prnh/20081103/BAIDULOGO )
The new company will work closely with content providers to provide
copyrighted premium video content including movies, TV series, sporting events,
animation and other varied content to Internet users through an advertising
supported model. Mr. Yu Gong, formerly president and chief operating officer
of China Mobile's 12580 business, has been appointed chief executive officer
of the new company.
"As China's Internet industry evolves, we have seen increasing demand for
high-quality video content on our search platform. By establishing this new
company, we will be able to better serve our users and customers with superior
content and focused resources," said Xuyang Ren, Baidu's vice president of
marketing and business development. "I am very excited to work with Mr. Gong,
who has strong experience in the internet industry in China, to grow our new
company into a leader in the field through product innovation and a robust
network of partnerships with leading content providers in China and globally."
Mr. Yu Gong added, "Online video is a rapidly growing sector in China and
I believe Baidu's search platform will provide a solid foundation for the new
company to address the increasing demand for premium content. I am very
excited to embark on this new venture."
Prior to serving as president and chief operating officer of China
Mobile's 12580 business, Mr. Yu Gong was chief operating officer of SOHU.com,
Inc. Mr. Gong is a Beijing native and holds a Ph.D. in Automatic Control and
Application from Tsinghua University.
Baidu, 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 individual 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,
are currently trading on the NASDAQ Global Select Market under the symbol
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. Statements that are not historical facts, including statements
about Baidu's beliefs and expectations, are forward-looking statements. Among
other things, quotations from management in this announcement contain 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. A number of factors could cause
actual results to differ materially from those contained in any forward-
looking statement, including but not limited to the following: our growth
strategies; our future business development, including development of new
products and services; our ability to attract and retain users and customers;
competition in the Chinese and Japanese language Internet search markets;
competition for online marketing customers; changes in our revenues and
certain cost or expense items as a percentage of our revenues; the outcome of
ongoing, or any future, litigation or arbitration, including those relating to
intellectual property rights; the expected growth of the Chinese language
Internet search market and the number of Internet and broadband users in China;
Chinese governmental policies relating to the Internet and Internet search
providers and general economic conditions in China, Japan and elsewhere.
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 January
6th, 2010, and Baidu undertakes no duty to update such information, except as
required under applicable law.
For investor inquiries please contact:
Mr. Victor Tseng
Ms. Cynthia He
Brunswick Group LLC
In the U.S.:
Ms. Kate Tellier
Brunswick Group LLC
SOURCE Baidu, Inc.