iQIYI raises $285m from Baidu, investment consortium through private placement

iQIYI raises $285m from Baidu, investment consortium through private placement

A person holds a phone with Baidu Inc's video streaming service iQiyi in Jinan, Shandong province, China, in this May 25, 2016 photo illustration. Picture taken May 25, 2016. REUTERS/Stringer

IQiyi Inc. raised $285 million from its controlling shareholder Baidu and a consortium of investors through a private placement, the troubled video streaming company said Friday.

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