Tudou CEO settles dispute with ex-wife
By Ding Yining |
June 25, 2011, Saturday
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Print Edition
Print Edition
CHINA'S second largest video website Tudou.com looks set for its initial public offering on Nasdaq after a dispute between founder and CEO Gary Wang and his ex-wife was settled.
Wang has reached a settlement with his ex-wife Yang Lei, a famous hostess at Shanghai TV Station, and confirmed his control over Quan Toodou Network Science and Technology, through which the Cayman Island incorporated Tudou runs its business in China, according to a renewed version of the prospectus filed to the US Securities and Exchange Commission last week.
If the settlement wasn't finalized, Wang could have been required to transfer some or all of his stake in Quan Toodou, which could disrupt Tudou's operations, the company said.
Wang is said to have agreed to pay US$7 million in compensation to Yang, National Business Daily reported yesterday. Yang confirmed a deal was reached but added she could not reveal the amount as a confidentiality agreement was signed.
Yang divorced Wang in 2008. She filed a lawsuit with Xuhui District People's Court in Shanghai last October to claim her stake in the company.
Wang has reached a settlement with his ex-wife Yang Lei, a famous hostess at Shanghai TV Station, and confirmed his control over Quan Toodou Network Science and Technology, through which the Cayman Island incorporated Tudou runs its business in China, according to a renewed version of the prospectus filed to the US Securities and Exchange Commission last week.
If the settlement wasn't finalized, Wang could have been required to transfer some or all of his stake in Quan Toodou, which could disrupt Tudou's operations, the company said.
Wang is said to have agreed to pay US$7 million in compensation to Yang, National Business Daily reported yesterday. Yang confirmed a deal was reached but added she could not reveal the amount as a confidentiality agreement was signed.
Yang divorced Wang in 2008. She filed a lawsuit with Xuhui District People's Court in Shanghai last October to claim her stake in the company.
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