Beijing – Baidu Inc announced it will establish a new independent online video company to tap the growing domestic Internet market. Via its website, the leading Chinese Internet search provider said the new company will provide copyrighted video content through an advertising-supported model. Ren Xuyang, Baidu’s vice president for marketing and business development is quoted as saying, “We have seen increasing demand for high-quality video content and we hope to serve our users with superior content and focused resources after establishing the new company.” No launch date has yet been announced, but Gong Yu, former president and chief operating officer of China Mobile’s 12580 online booking business, will be the CEO of the new company.