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LeTV, Tudou to set up joint venture to buy movies, soap operas


09:51, October 19, 2011

BEIJING, Oct. 18 (Xinhua) -- Leading Chinese online video portals, and, said Tuesday they will launch a copyright-purchase joint venture and forge an alliance to share video clips., or China's Hulu, is investing 510,000 yuan (79, 914 U.S. dollars) while, a Youtube-like video sharing website, is injecting 490,000 yuan to set up a joint venture specialized in buying domestic movies and TV series together, said in a file with the Shenzhen Stock Exchange.

The deal will give 51 percent of the new joint venture while Nasdaq-listed will get the remaining 49 percent, according to the agreement. also agreed to share its video resources with through an online platform

"The alliance will allow to make fuller use of its resources in copyrighted movies and TV series, which will push up the popularity of our brand as well as drive up the advertising revenue," said Liu Hong, chief operating officer (COO) of

The cooperation is aimed at spurring healthy and rapid development of the online video industry, rather than stoking competition for copyrights, said Wang Xiangyun, COO of

Boosted by the announcement, the share price of surged 7.35 percent during the afternoon trading on Tuesday before closing at 25.26 yuan, up 3.69 percent from Monday, outperforming the broader Shenzhen Component Index, which tumbled 2.73 percent on China's gloomy economic data.


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