- Baidu (NASDAQ:BIDU) will invest $159.6M for an 11% stake in smart TV unit Coocaa, a property of consumer electronics company Hong Kong Skyworth Digital Holdings.
- Baidu will become the second largest shareholder of Coocaa, which reported $1.51B in net profit in 2016.
- Smart move: Last week, Baidu announced plans to consolidate three departments into the Smart Living Group for a more streamlined smart hardware sector. The new investment fits into that recalibration.
- Previously: Baidu consolidates departments to streamline smart hardware (March 8)