Xiaomi Technology Co Ltd will acquire a stake in Chinese video streaming firm Youku Tudou Inc, cementing ties between China's leading smartphone maker and one of the most popular content providers in the video-hungry country.In a joint statement on Wednesday, the companies said the transaction would take place on the open market but did not specify how large the smartphone maker's stake would be or how much would be invested.Word of the stake acquisition, coming a week after Xiaomi pledged to invest a total of $1 billion to expand its Internet TV content, adds to the frenzy in China's fast-growing online video market. E-commerce giant Alibaba Group Holding Ltd already owns nearly a quarter of Youku Tudou.Online video sites include those run by Sohu.Com Inc , Baidu Inc's iQiyi and Tencent Holdings Ltd have been jockeying for position in a market estimated to be worth $3 billion in 2014.
Sohu.com Inc. (Sohu) is a Chinese online media, search, gaming, community and mobile service group. Shares of SOHU fell by 0.7% or $-0.36/share to $51.13. In the past year, the shares have traded as low as $42.03 and as high as $87.68. On average, 398943 shares of SOHU exchange hands on a given day and today's volume is recorded at 157295.
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