Baidu Online Video Company to Receive $50 Million Investment from Providence Equity Partners

BEIJING, Feb. 26 /PRNewswire-Asia/ — Baidu, Inc. (Nasdaq: BIDU), the
leading Chinese language Internet search provider, today announced that Baidu
and Providence Equity Partners (“Providence”) have signed an agreement
pursuant to which Providence will invest $50 million in Baidu’s new online
video company to develop an advertising supported online video business
providing premium licensed content in China. Baidu will continue to maintain
majority ownership in the company. The new online video company has registered
http://www.qiyi.com as its domain name.

(Logo: http://www.newscom.com/cgi-bin/prnh/20081103/BAIDULOGO )

“The online video market has great potential for growth in China,” said Mr.

Robin Li, Chief Executive Officer of Baidu, Inc. “Providence is our ideal
partner in this space as it has rich experience in investing in and managing
businesses that distribute licensed content online. With Baidu’s strong
ability to drive traffic and offer innovative products that suit user needs,
we are very excited about the future prospects of this new company.”

“We are very pleased to partner with Baidu and are confident that this new
venture will become an industry leader,” said Jonathan Nelson, Chief Executive
Officer of Providence. “As the world’s largest Chinese language internet
search company and also the dominant video search engine in China, Baidu has
unmatched competitive advantages in its user base and traffic. The new
venture will provide users with a first-class viewing experience, and will
work with regulators to ensure the lawful distribution of professionally
produced media and entertainment content on the internet.”

About Baidu

Baidu, Inc. is the leading Chinese language Internet search provider. As a
technology-based media company, Baidu aims to provide the best way for people
to find information. In addition to serving individual Internet search users,
Baidu provides an effective platform for businesses to reach potential
customers. Baidu’s ADSs, each of which represents one Class A ordinary share,
are currently trading on the NASDAQ Global Select Market under the symbol
“BIDU.”

About Providence Equity Partners

Providence Equity Partners is the leading global private equity firm
specializing in equity investments in media, entertainment, communications and
information services companies around the world. The principals of Providence
manage funds with over $22 billion in equity commitments and have invested in
more than 100 companies operating in over 20 countries since the firm’s
inception in 1989. Significant existing and prior investments include Bresnan
Broadband Holdings, Casema, Com Hem, Digiturk, Education Management
Corporation, eircom, Hulu, Idea Cellular, Kabel Deutschland, NexTag, Ono,
PanAmSat, ProSiebenSat.1, Recoletos, TDC, Univision, VoiceStream Wireless,
Warner Music Group, Western Wireless and Yankees Entertainment & Sports
Network. Providence is headquartered in Providence, RI (USA) and has offices
in New York, London, Los Angeles, Hong Kong and New Delhi. Visit
http://www.provequity.com for more information.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements
are made under the “safe harbor” provisions of the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can be
identified by terminology such as “will,” “expects,” “anticipates,” “future,”
“intends,” “plans,” “believes,” “estimates,” “confident” and similar
statements. Statements that are not historical facts, including statements
about Baidu’s beliefs and expectations, are forward-looking statements. Among
other things, quotations from management in this announcement contain
forward-looking statements. Forward-looking statements involve inherent risks
and uncertainties that could cause actual results to differ materially from
those contained in any forward- looking statements. A number of factors could
cause actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the following: our
growth strategies; our future business development, including development of
new products and services; our ability to attract and retain users and
customers; competition in the Chinese and Japanese language Internet search
markets; competition for online marketing customers; changes in our revenues
and certain cost or expense items as a percentage of our revenues; the outcome
of ongoing, or any future, litigation or arbitration, including those relating
to intellectual property rights; the expected growth of the Chinese language
Internet search market and the number of Internet and broadband users in China;
Chinese governmental policies relating to the Internet and Internet search
providers and general economic conditions in China, Japan and elsewhere.
Further information regarding these and other risks is included in our annual
report on Form 20-F and other documents filed with the Securities and Exchange
Commission. All information provided in this press release is as of February
26, 2010, and Baidu undertakes no duty to update such information, except as
required under applicable law.

    For investor inquiries please contact:

    In China:
     Mr. Victor Tseng
     Baidu, Inc.
     Tel:   +86-10-5992-7244
     Email: ir@baidu.com

     Ms. Cynthia He
     Brunswick Group LLC
     Tel:   +86-10-6566-9504
     Email: che@brunswickgroup.com

    In the U.S.:
     Ms. Kate Tellier
     Brunswick Group LLC
     Tel:   +1-212-333-3810
     Email: ktellier@brunswickgroup.com

SOURCE Baidu, Inc.