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Business News/ Companies / Xiaomi to buy stake in online video company Youku Tudou
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Xiaomi to buy stake in online video company Youku Tudou

Youku Tudou did not specify how large the smartphone maker's stake would be or how much would be invested

Xiaomi said last week it would invest $1 billion to expand its internet TV content, as the world’s third-largest smartphone maker ramps up its push into the living room. Photo: BloombergPremium
Xiaomi said last week it would invest $1 billion to expand its internet TV content, as the world’s third-largest smartphone maker ramps up its push into the living room. Photo: Bloomberg

Beijing: Chinese video streaming firm Youku Tudou Inc. said on Wednesday Xiaomi Technology Co. Ltd. will acquire a stake in the online video host.

Youku Tudou did not specify how large the smartphone maker’s stake would be or how much would be invested. It said the transaction would take place on the open market.

Youku Tudou and Xiaomi will also jointly invest in the production and distribution of online video content and films, while Xiaomi will license Youku Tudou’s video content, Youku Tudou said in a statement.

Xiaomi said last week it would invest $1 billion to expand its internet TV content, as the world’s third-largest smartphone maker ramps up its push into the living room. Reuters

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Published: 12 Nov 2014, 01:52 PM IST
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