China-based online media company Sina Corp acquired a 9% stake in China-based video streaming website Tudou for a reported $66.4m, in August, according to a filing with the US Securities and Exchanges Commission.
The first part of the acquisition was made at the time of Tudou’s initial public offering on August 17 as Sina bought 1,075,000 American Depository Shares (ADSs), for $31.2m. Sina then bought an additional 1,492,570 ADSs in the following week for $35.2m.
Sina operates the largest Chinese language information and entertainment web portal in the world, according to website ranking engine Alexa, and Tudou’s service is one that could strategically compliment it online.
