Qiyi was founded on April 22, 2010 by Baidu, the company behind China's largest online search engine, with support from Providence Equity Partners.[9] It changed its name to iQiyi in November 2011.[2] On November 2, 2012, Baidu bought Providence's stake and took 100% ownership of the site.[10] On May 7, 2013, Baidu purchased the online video business of PPStream Inc. for $370 million, which became a subsidiary of iQiyi.