Actionable news
0
All posts from Actionable news
Actionable news in BABA: ALIBABA GROUP HOLDING LIMITED,

Alibaba Buys Youku in Deal Said to Be Valued at $4.8 Billion

Alibaba Group Holding Ltd. agreed to buy video service Youku Tudou Inc. in a deal said to be valued at $4.8 billion in total, as billionaire Jack Ma seeks to stream more content to Chinese Internet users through control of the YouTube-like site.

Net of Youku’s cash, the price is about $3.7 billion, said a person familiar with the transaction who asked not to be identified because the details aren’t public.

Alibaba, China’s biggest online shopping company, raised its offer to $27.60 in cash from $26.60 last month. The new price is 35 percent above Youku’s stock price the day before the initial bid was disclosed. Youku’s board has approved the merger agreement, Alibaba, which already owned a minority stake in the company, said Friday in a statement.

Full ownership of Youku will help Ma deliver U.S. films and drama series to more than a third of China’s population as Alibaba competes with Baidu Inc. and Tencent Holdings Ltd. for the attentions of Internet users. The deal comes after he...


More