Qiyi Investor Buys HK TVB Stake for HK$8b

HK Television Broadcasts (0511.HK) shareholder Shaw Brothers will sell its 26% stake in the listed company to an investor group consisting of two individuals and Providence Equity Partners, an investor in Baidu's (Nasdaq:BIDU) online video site Qiyi, for HK$8 billion, pcpop.com reported January 30.

Baidu (Nasdaq:BIDU) signed an agreement to receive $50 million from Providence Equity Partners to fund the creation of an Baidu's new online video company Qiyi in February, 2010.