中国网站品牌栏目（频道）
国内最大的两个视频网站优酷和土豆于3月12日共同宣布，双方已于3月11日签订最终协议，将以100%换股的方式合并。合并后的新公司叫做“优酷土豆有限公司”，但两个网站在前端仍分开运营，整合只在后台；两家公司都将致力于将利润最大化。在并购之前，优酷和土豆的资金压力都非常巨大。优酷网虽然一直保持视频领域第一的宝座，但是上市巨额融资，并未实质性提高它的盈利水平。
优酷发布的最新财报显示，2011年实现净收入8.976亿元，较2010年增长132%；净亏损为人民币1.721亿元，较2010年减少16%。而此前土豆披露的财报显示，2011年净营收为5.122亿元，净亏损为5.112亿元。有分析人士指出，优酷与土豆协议合并、名义换股以及相互持股，其弱化竞争和强化合作的意义大于合并，有利于降低双方成本，尤其是视频版权采购成本，提升视频广告价格和营收。
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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)
（中国日报网英语点津 Helen 编辑）
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