Youku, Tudou to Merge into Bigger Video Portal

(Beijing) – Youku Inc. (NYSE:YOKU) and Tudou Holdings Ltd. (NASDAQ: TUDO), two major video portals in China, announced on March 12 they will merge into a new company called Youku Tudou Inc.

According to the agreement signed by the two on March 11, Tudou will be delisted from the Nasdaq Stock Market after the merger.

Youku's shareholders will own 71.5 percent of the new company, with the rest to be held by Tudou shareholders, the agreement said.