By Jennifer Faull

Alibaba has set its sights firmly on building a business beyond e-commerce having purchased the Chinese version of YouTube, Youku Tudou, for an estimated $4.8bn (£3.2bn).

The online retail giant already owned a minor stake in the company, but the deal – confirmed yesterday (6 November) will give Alibaba full control of the video service.

Alibaba’s exact plans on the back of the deal have not yet been detailed, but the company’s leader Jack Ma said that he wanted to make Youku Tudou China’s leading digital entertainment platform.

“We are confident that we will strengthen our market position and further accelerate our growth Read full story ›

Source: The Drum