Alibaba Pays $3.67B To Take Over Online Video Services Provider Youku Tudou

E-commerce company Alibaba Group Holding has agreed to pay $3.67B "for the shares it does not own in Youku Tudou," China's leading online video services provider, and take the N.Y.-listed company private, according to Bien Perez of the SOUTH CHINA MORNING POST. For Alibaba, the world's largest e-commerce services provider, taking over Youku "formed part of its grand plan to become a leading competitor" in China's fast-growing digital entertainment market. In a joint statement, the two companies said that the all-cash transaction involved paying Youku $27.60 per American depositary share, "which represents 18 ordinary shares." Internet industry analyst firm iResearch has forecast China's "online video market to post total revenue worth" 90B yuan ($14.15B) by '18, up from 23.97B yuan last year (SCMP, 11/9).