Pursuits
Alibaba Buys Youku in Deal Said to Be Valued at $4.8 Billion
- Alibaba raised bid on video service by $1 to $27.60 a share
- `YouTube of China' had 286 million unique visitors in August
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Alibaba Group Holding Ltd. agreed to buy video service Youku Tudou Inc. in a deal said to be valued at $4.8 billion in total, as billionaire Jack Ma seeks to stream more content to Chinese Internet users through control of the YouTube-like site.
Net of Youku’s cash, the price is about $3.7 billion, said a person familiar with the transaction who asked not to be identified because the details aren’t public.