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Youku-Tudou merger endorsed by shareholders
By Ding Yining |
August 20, 2012, Monday
|
Online Edition
Online Edition
YOUKU Inc and Tudou Holdings Co, China's top two video websites, said their shareholders have okayed their merger.
The two companies officially formed a new entity called Youku Tudou Inc after respective shareholder meetings held earlier today, they said in separate statements.
The new company will retain the brands of Youku and Tudou and their separate marketing and sales teams after closing the US$1.1 billion-share-swap deal in the third quarter.
Youku shareholders will own 71.5 percent in the new company while Tudou stakeholders will take the remaining.
Tudou founder and chief executive officer, Gary Wang, will be a board member in the new company.
The merger is expected to consolidate their market lead at a time when powerful rivals Tencent and Baidu are upgrading their video sites with high-quality contents to attract viewers.
Tudou will be delisted after the swap deal is completed but no specific timetable has been given yet.
The new company will claim about one third of China's online video market in the first quarter of 2013, according to Beijing-based research firm Analysys International.
Analysys researcher Zhang Fan said the merger could enable Youku Tudou Inc cut content cost, but similar content on both websites may lead to a drop of visitors.
He foresees more alliance between domestic video sites, leaving little space for small players in the market.
The two companies officially formed a new entity called Youku Tudou Inc after respective shareholder meetings held earlier today, they said in separate statements.
The new company will retain the brands of Youku and Tudou and their separate marketing and sales teams after closing the US$1.1 billion-share-swap deal in the third quarter.
Youku shareholders will own 71.5 percent in the new company while Tudou stakeholders will take the remaining.
Tudou founder and chief executive officer, Gary Wang, will be a board member in the new company.
The merger is expected to consolidate their market lead at a time when powerful rivals Tencent and Baidu are upgrading their video sites with high-quality contents to attract viewers.
Tudou will be delisted after the swap deal is completed but no specific timetable has been given yet.
The new company will claim about one third of China's online video market in the first quarter of 2013, according to Beijing-based research firm Analysys International.
Analysys researcher Zhang Fan said the merger could enable Youku Tudou Inc cut content cost, but similar content on both websites may lead to a drop of visitors.
He foresees more alliance between domestic video sites, leaving little space for small players in the market.
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