Follow Us
Chinese ecommerce retailer Alibaba is entering the online video space with an investment in Youku Tudou, the Chinese equivalent of YouTube.
The $1.2 billion stake comes from Alibaba Group Holding Limited and Yunfeng Capital, a private equity group founded by Alibaba executive chairman Jack Ma.The deal provides the groups with a 16% and 2% stake in the video site, respectively. Jonathan Lu, CEO of Alibaba, will take a seat on Youku Tudou's board of directors.
Alibaba has been working to diversify its business, investing in a variety of companies and industries. The position in Youku Tudou is another in a line of strategic moves aimed at Tencent, Alibaba's most powerful competitor. Together the companies dominate many aspects of China's 618 million Internet users. Read more...
More about China, Tencent, Alibaba, Business, and Media
0 comments:
Post a Comment