BEIJING (Reuters) - Baidu Inc has completed raising around 1 billion yuan ($154.69 million) for a new video business affiliate, it said in a posting on its microblog on Wednesday.
Baidu Video will operate independently of Baidu. It will also be separate from online video-streaming service iQiyi and group-buying service Nuomi, a Baidu spokeswoman said.
($1 = 6.4646 Chinese yuan renminbi)
(This story has been corrected to show the video business is an affiliate, not subsidiary, and will operate independently)
Reporting by Beijing Monitoring Desk; editing by Stephen Coates