Alibaba Makes a Major Cash Bid for Rest of Youku Video Site
By ETCentric
October 16, 2015
October 16, 2015
As part of its push to stream more video to Internet users in China, Alibaba has made a $4.6 billion offer to acquire the 81.7 percent it does not already own of YouTube-like video site Youku Tudou. Alibaba CFO Maggie Wu said the deal would be paid in cash. “Ownership of Youku Tudou would help Ma deliver U.S. films and drama series to more than a third of China’s population as Alibaba battles Baidu Inc. and Tencent Holdings Ltd. for the attentions of Internet users,” reports Bloomberg. “The deal comes after he toured Hollywood to meet with studio executives, took control of a Chinese movie studio and invested in the latest ‘Mission: Impossible’ film.”
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