The Transform Technology Summits start October 13th with Low-Code/No Code: Enabling Enterprise Agility. Register now!
Alibaba, which is planning an IPO in the near future, is China’s largest ecommerce company, which also competes with Google and PayPal within China. The new investment makes sense as Youku Tudou is easily the country’s biggest video site and can likely offer many future partnerships that are lucrative to both companies.
The new investment will give Alibaba and investment partner Yunfeng Capital each an 18.5 percent stake in Youku Tudou. And as part of the investment deal, Alibaba CEO Jonathan Lu will join the company’s board of directors.
“Alibaba’s investment will strengthen Youku Tudou as China’s largest online video platform and further differentiate our services and user experience,” said Youku Tudou CEO Victor Koo in a statement. “It will help us continue to build an immersive cultural entertainment platform that integrates online and offline entertainment.”
The investment still needs regulatory approval, but Youku Tudou expects the deal to close in the near future.
VentureBeatVentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative technology and transact. Our site delivers essential information on data technologies and strategies to guide you as you lead your organizations. We invite you to become a member of our community, to access:
- up-to-date information on the subjects of interest to you
- our newsletters
- gated thought-leader content and discounted access to our prized events, such as Transform 2021: Learn More
- networking features, and more