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Baidu says completed around $155 million fundraising for new video business affiliate

Baidu's company logo is seen at its headquarters in Beijing December 17, 2014. REUTERS/Kim Kyung-Hoon

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

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