Beijing - Baidu (NASD: BIDU), China's leading search engine, announced on Monday that it will contribute assets related to the operation of its own Internet TV channel to Chinese IPTV provider UiTV, in exchange for $15 million and an 8.3% stake in the company.

The ad-supported Baidu Internet TV Channel offers legal downloads of movies and TV shows, through agreements with providers including TVB and Enlight Media.

Following the transaction, Baidu Internet TV Channel will continue to be hosted at Movie.Baidu.com, and will be operated by UiTV.

Founded in 2003, UiTV claims to hold the predominant market share in terms of coverage, reach and traffic of legitimate content for an Internet TV service in China.

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