Alibaba, partner invest $1.2bn in China video site Youku TudouBy AP News Apr 29, 2014 9:55AM UTC
BEIJING (AP) — E-commerce giant Alibaba Group its expanding its online entertainment presence by investing $1.2 billion with a partner in video website Youku Tudou.
Youku Tudou Inc. said Monday the investment will give Alibaba a 16.5 percent stake in the company and its partner Yunfeng Capital will get 2 percent.
China’s major Internet companies have made a multibillion-dollar flurry of investments in recent months in entertainment, consumer finance and other services. They are trying to expand their online presence and retain users as Chinese shift rapidly to surfing the Web through smartphones and other mobile devices.
Youku Tudou’s chairman, Victor Ku, said Alibaba’s investment will strengthen Youku Tudou as China’s largest online video platform and further differentiate its services and user experience.