Chinese Online Giant Alibaba to Buy Youku Tudou Streaming Site
LONDON — Jack Ma’s Chinese e-commerce group Alibaba Group is to acquire Youku Tudou, one of China’s two largest streaming video operators. The merger will give Alibaba access to more than half a billion online video users.
Alibaba currently owns 18.3% of Youku Tudou. The shareholders of Youku Tudou will receive $27.60 per share. Victor Koo will remain as Youku Tudou’s CEO and chairman following the deal’s completion. Youku Tudou will no longer be listed on the New York Stock Exchange after the merger.
“We believe this combination with Alibaba maximizes value for Youku Tudou shareholders and significantly benefits our customers, users and team,” Koo said.
“We are eager to work with Alibaba to grow our multi-screen entertainment and media ecosystem. We are confident that we will strengthen our market position, and further accelerate our growth through the integration of our advertising and consumer businesses with Alibaba’s platform and Alipay services.”
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