China’s state broadcaster, China Central Tv (CCTV), has taken a small stake in iQIYI because the video-streaming platform grapples with declining income. Beijing iQIYI Know-how Co. added CCTV Built-in Media Improvement Co. as a shareholder with a 0.9999% stake, in keeping with corporate filings. The transfer diminished Chairman Geng Xiaohua’s possession from 100% to 99.0001%. CCTV Built-in Media Improvement Co. is majority-owned by China Media Group, the state entity that oversees CCTV. The funding comes as iQIYI struggles with shrinking income. The corporate reported a 14% drop in fourth-quarter income to RMB 6.61 billion ($920 million), swinging to a non-GAAP web lack of RMB 58.8 million ($8.1 million), in contrast with a RMB 680 million ($93.7 million) revenue a yr earlier. Full-year income fell 8% to RMB 29.23 billion ($4.03 billion), whereas non-GAAP web earnings declined to RMB 1.51 billion ($210 million) from RMB 2.84 billion ($390 million) in 2023. [iThome, in Chinese]

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