Magazine article Screen International

Alibaba Offers to Buy out Youku Tudou

Magazine article Screen International

Alibaba Offers to Buy out Youku Tudou

Article excerpt

Chinese digital giant Alibaba has made an offer to take New York-listed streaming platform Youku Tudou private by buying out the remaining shares in the company that it doesn't already own.

Under the terms of the non-binding proposal, Alibaba would buy all outstanding ordinary shares in Youku Tudou for $26.6 each in cash, which is around 30% above the shares' closing price on the New York Stock Exchange on October 15.

Alibaba acquired a 16.5% stake in Youku Tudou last year for $1.2bn. The company is itself the product of a merger between two online video platforms, Youku and Tudou, which still operate as separate websites.

Some major Youku shareholders, including founder and CEO Victor Koo and Chengwei Capital, have entered into an agreement with Alibaba, dated October 16, to vote in favour of the proposed buyout. The company's board has formed a special committee to consider the deal.

Among China's leading streaming platforms, Youku is one of the few not owned by a Chinese digital giant. …

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