IQiyi Denies Baidu Is in Talks to Sell Majority Stake

Video streaming platform iQiyi Inc. has disputed news reports that its parent Baidu Inc. is in talks to sell its entire stake in the Beijing-based company, calling them “not true” and “purely a rumor” in response to questions from Caixin. Baidu declined to comment.

Reuters reported Wednesday that search giant Baidu was in talks to sell its 53% stake in iQiyi in a deal that valued the Netflix-like platform at roughly $7 billion.