A PYMNTS Company

China: Youku Tudou says yes to Alibaba $3.5 billion proposal

By  |  March 14, 2016

It’s been almost six months since Alibaba executive chair Jack Ma first set his sights on Chinese streaming platform Youku Tudou, citing an admiration for the powerful digital presence that Youku CEO Victor Koo had built within the world’s second-largest economy.

Now, following a meeting held in Beijing March 14, Alibaba’s bid to acquire platform is all-but done. The company confirmed Youku shareholders have voted in favor of the deal, which is reported to be worth more than $3.5 billion.

Youku Tudou is the result of a 2012 merger between Chinese video sites Youku and Tudou, and offers both a YouTube-like ad-supported and subscription VOD service.

The acquisition compliments Alibaba’s own recent efforts to delve into SVOD with the launch of its Tmall Box Office subscription service in September 2015.

TBO, which is available on top box sets, OTT devices and smart TVs in China, has expanded its content library considerably in recent months, striking programming deals with the likes of DHX Media and Sesame Workshop.

Full content: Bidness Etc.

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.