China Top Online Video Site Youku.com and Tudou.com merged

The No.1 and No.2 online video sites in China: Youku.com and Tudou.com, merged today. Now another online video giant born.

The combined company will be called Youku Todou Holdings, and Youku will own 71.5% holders, Tudou will own 28.5% holders.

The stock will continue to trade under the symbol YOKU on the NYSE.

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“We intend to lead the next phase of online video development in China. Youku Tudou will represent a differentiated leader in the online video market in China with the largest user base, most comprehensive content library, most advanced bandwidth infrastructure and strongest monetization capability within the sector,” Youku CEO Victor Koo said in a statement. “Youku Tudou Inc. will have the reach and scale to bring our users high quality content at high speeds. The combined company will have the two leading online video brands in China: Youku and Tudou.”