Results 1 to 1 of 1
Thread Information
Users Browsing this Thread
There are currently 1 users browsing this thread. (0 members and 1 guests)
-
03-12-2012, 01:51 PM #1
China's two largest online video sites merge in $1-Billion deal
China's two largest online video sites merge in $1-billion deal
By David Pierson
March 12, 2012, 8:39 a.m.
Reporting from Beijing—
Youku Inc., China’s leading online video site, reached an agreement to merge with its smaller competitor, Tudou, in a stock deal between the two New York-listed companies worth more than $1 Billion.
The deal, which was announced Monday, creates an unlikely partnership between two companies that have struggled to turn a profit in China’s booming Internet space. The two websites have long been bitter rivals, fighting in court over alleged copyright infringement.
The new company, named Youku Tudou Inc., would command more than a third of the online video advertising market in China, challenging domestic online giants such as Baidu Inc. and Tencent Holdings Ltd. in a country where Youtube is blocked by censors. It may also evolve to challenge Chinese state television.
“Youku Tudou Inc. would establish a clear and dominant leadership position in China’s online video sector and become one of the largest Internet properties in China,” said Victor Koo, founder and chief executive of Youku. “This transaction would also lead to improvement in the industry structure and the underlying economics of the online video sector in China.”
Under the agreement, Tudou shareholders would trade their shares in for Youku’s, which will continue to be listed under the New York Stock Exchange symbol YOKU.
China Internet giants Youku and Tudou merge - latimes.comNO AMNESTY
Don't reward the criminal actions of millions of illegal aliens by giving them citizenship.
Sign in and post comments here.
Please support our fight against illegal immigration by joining ALIPAC's email alerts here https://eepurl.com/cktGTn
Treasonous Congress Funds Billions For Middle East Invasion...
05-02-2024, 01:28 AM in Videos about Illegal Immigration, refugee programs, globalism, & socialism