Monday, March 12, 2012
$1 Billion Deal with China's Online Video Sites
In Beijing Youku Inc. is China's leading online video site, reached an agreement with the smaller competitor, Tudou, in a stock deal between the two New York-listed companies worth more than $1 billion. This deal was announced on Monday, this deal creates an unlikely partnership between two companies that have struggled to turn a profit in China's booming Internet space. These two websites have long been rivals, fighting in court over alleged copyright infringement. The new company name is Youku Tudou Inc. This would command more than a third of the online video advertising market in China. This has been challenging domestic online giants such as Baidu Inc. and the Tencecnt Holdings Ltd. in a country where Youtube is blocked by censors. This has also will evolve to challenge Chinese state television.
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