We develop a theory of existence and uniqueness for the following porous medium equation with fractional diffusion, \{ll} \dfrac{\partial u}{\partial t} + (-\Delta)^{\sigma/2} (|u|^{m-1}u)=0, & \qquad x\in\mathbb{R}^N,\; t>0, [8pt] u(x,0) = f(x), & \qquad x\in\mathbb{R}^N.%. We consider data $f\in L^1(^N)0<\sigma<2m>0$. Existence and uniqueness of a weak solution is established for , giving rise to an -contraction semigroup. In addition, we obtain the main qualitative properties of these solutions. In the lower range existence and uniqueness of solutions with good properties happen under some restrictions, and the properties are different from the case above . We also study the dependence of solutions on and . Moreover, we consider the above questions for the problem posed in a bounded domain.

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