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國內最大的兩個視頻網站優酷和土豆于3月12日共同宣布，雙方已于3月11日簽訂最終協議，將以100%換股的方式合并。合并后的新公司叫做“優酷土豆有限公司”，但兩個網站在前端仍分開運營，整合只在后臺；兩家公司都將致力于將利潤最大化。在并購之前，優酷和土豆的資金壓力都非常巨大。優酷網雖然一直保持視頻領域第一的寶座，但是上市巨額融資，并未實質性提高它的盈利水平。

優酷發布的最新財報顯示，2011年實現凈收入8.976億元，較2010年增長132%；凈虧損為人民幣1.721億元，較2010年減少16%。而此前土豆披露的財報顯示，2011年凈營收為5.122億元，凈虧損為5.112億元。有分析人士指出，優酷與土豆協議合并、名義換股以及相互持股，其弱化競爭和強化合作的意義大于合并，有利于降低雙方成本，尤其是視頻版權采購成本，提升視頻廣告價格和營收。

Youku.com Inc, the country's top online video provider, agreed to buy its main rival, Tudou Holdings Ltd, in a stock-for-stock transaction, the two companies said.

Increasing competition in China's online video market has pushed the two biggest players to a merger that will create the largest company in the industry.

Youku.com Inc, the country's top online video provider, agreed to buy its main rival, Tudou Holdings Ltd, in a stock-for-stock transaction, the two companies said.

Although the two faced off earlier in a copyright dispute, their surprise merger appears to be a rational response to the problems that online video websites have in making ends meet, said analysts.

The deal came as the companies were battling for market share, spending heavily to buy licensed content.

"Funding pressures are the main reason for the deal," said Shi Jialong, a Hong Kong-based analyst with CLSA Asia-Pacific Markets.

The costly battle for dominance left both companies in the red last year. Youku reported a net loss of 172.1 million yuan ($27.2 million), though that was down 16 percent from the previous year, while Tudou had a net loss of 511.2 million yuan.

"After the merger, there might be a fall in copyright purchase prices, which is good for the industry in the short term," Shi said.

Xie Wen, a Chinese IT critic and former president of Yahoo China, agreed. However, he added that the new company still faced fierce competition with portals that provide similar services.

Youku had 21.8 percent of China's online video market in the last quarter, followed by Tudou with 13.7 percent.

They were closely followed by the portal Sohu.com Inc, with 13.3 percent, according to the domestic research company Analysys International.

Other rivals in the segment include Baidu Inc and Tencent Holdings Ltd.

Xu Weifeng, president of PPStream Inc, an online video service provider, said the merger is good news for other players since they will have one less rival.

However, the merging companies "are still under pressure from low profit margins, which must be resolved after the merger", he said.

Youku's market value, at about $2.85 billion, is six times Tudou's.

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(China Daily)

（中國日報網英語點津 Helen 編輯）