In December 2015, there were reports suggesting that the company could spin off the iQiyi division. Earlier last year, a consortium of investors led by Baidu CEO Robin Li wanted to buy out the iQiyi business for $2.3 billion, but later dropped the bid after investors claimed that the price was too low. More recently, Baidu announced that it has raised funding for the video streaming business, which should help it acquire more content and help the company focus on long-term growth.