China’s search giant Baidu has agreed to buy a substantial majority stake in online video site iQiyi for an undisclosed sum. Baidu, which already owns  61 percent of the Hulu-like site, will purchase shares held by Providence, who had invested about $50 million into the company. iQiyi, previously known as Qiyi, launched in April 2010 and is the first online video platform in China to focus exclusively on fully licensed, high-definition, and professionally-produced content. It competes with the newly merged Youku Tudou, which controls a third of the online video ad market. [Source: Baidu]