Mergers and Acquistions News
Categories: Media & Information Services
August 23rd 2011, 14:14PM
A multi-million dollar investment into Chinese online video site Todou Holdings has reportedly been made by Sina Corp.
The online portal, which is the biggest in China, is expected to pay between $30 and $40 million (£18 - £24 million) for Todou.
Todou Holdings is the country's second largest site of its kind and, if the figures are correct, the transaction will give Sina a four per cent stake in the business.
Speaking to Reuters, a source claimed the negotiations are being kept private and full details are yet to be discussed.
However, greater interaction between the two companies could be established following the deal.
"We haven't discussed about more cooperation yet but it is a possibility in the future," the insider stated.
Sina released its financial results for the first quarter of 2011 earlier this month and revealed net profits increased by 20 per cent compared with the previous year, reaching $119 million.
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