Chinese Video Websites Youku and Tudou Merge In Deal Worth Over $1 Billion

Posted Aug 26, 2012

Chinese video websites Youku and Tudou has completed a merger in a deal worth over $1 billion.  Tudou has been delisted from the Nasdaq exchange as of Friday.  Tudou is now a wholly owned subsidiary of Youku.  The new company name is Youku Tudou Inc.  The companies has announced the merger back in March and the deal was expected to be completed by Q3 of this year.  Both companies lost money last quarter.  The merger could save as much as $60 million in content licensing.  Tudou founder and CEO Gary Wang announced retirement from the company.  [TNW]