Alibaba and Yunfeng Capital will indirectly hold an approximate 16.5 per cent and two per cent stake. Alibaba CEO Jonathan Luwill join Youku Tudou’s board of directors upon completion of the transaction.
“We are excited to cooperate and work closely with Victor and his team to support their innovation in this key emerging space as well as accelerate our digital entertainment and video content strategy,” said Ma. “This is an important strategic initiative that will further extend the Alibaba ecosystem and bring new products and services to Alibaba’s customers.”
NYSE-listed Youku Tudou’s internet television platforms enable users to search, view and share video content quickly and across multiple devices.
Earlier this year Alibaba and Yunfeng acquired a controlling interest in pharmaceutical information business CITIC 21CN.
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