China’s state broadcaster takes small stake in iQIYI as revenue falls

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China’s state broadcaster, China Central Television (CCTV), has taken a small stake in iQIYI as the video-streaming platform grapples with declining revenue. Beijing iQIYI Technology Co. added CCTV Integrated Media Development Co. as a shareholder with a 0.9999% stake, according to corporate filings. CCTV Integrated Media Development Co. is majority-owned by China Media Group, the state entity that oversees CCTV. The investment comes as iQIYI struggles with shrinking revenue. Full-year revenue fell 8% to RMB 29.23 billion ($4.03 billion), while non-GAAP net income declined to RMB 1.51 billion ($210 million) from RMB 2.84 billion ($390 million) in 2023.