China-headquartered internet company Baidu is putting together a $150m fund to invest in companies developing content that could be distributed on its media offerings, China Money Network reported today.
The fund will provide cash subsidies and support to content startups, according to local media. Rivals Tencent and Toutiao, the operator of a curated news app, have already established similar funds.
However, it is unclear whether the fund is the same as the $200m Baidu Venture unit that reports last week suggested the company was planning to set up, in order to invest in artificial intelligence, virtual and augmented reality technology developers.