IQiyi Shares Soar 24% on Announcement of Deal with FilmNation
Shares of iQiyi Inc. (Nasdaq: IQ) soared 24 percent to $23.15 per American depositary share in early trading on Thursday after the company announced at the Cannes Film Festival that it has acquired exclusive rights to all FilmNation Entertainment films for three years in mainland China.
"We are thrilled to have this exclusive partnership with iQIYI, China&`#`39;s most exciting and innovative content streaming platform," said FilmNation&`#`39;s Robert Carney. "Through this partnership, more Chinese movie fans than ever before will be able to experience many of the best independent films from some of the world&`#`39;s most exciting directors."
IQiyi, China&`#`39;s online streaming service, said the partnership "supports iQiyi&`#`39;s vision of bringing the world&`#`39;s finest film content to its Chinese users while promoting cultural exchange and mutual understanding."