Chinese search engine Baidu is planning to launch a Hulu-like site. The site will offer licensed online video content and be supported with advertising.
The site will be set up as an independent company. Providence Equity Partners, an investor in Hulu, is teaming up with Baidu for the venture.
Yu Gong has been named CEO. Gong was formerly CEO of China Mobile's 12580 business.
Baidu stock is traded on NASDAQ in the US, who was happy with the news, boosting shares by 1.48% at the time of this post.