Alibaba is making a big move into streaming video. The Chinese e-commerce giant announced on Friday that it plans to fully acquire Youku Tudou for $3.5 billion, or $26.60 per U.S. share.

The Details

Alibaba already owned an 18.3 percent stake in Youku Toudu, which may be one of the closest things China has to Alphabet Inc GOOG 0.26% GOOGL 0.32%’s YouTube. The company claims to have 580 monthly users.

Alibaba will reportedly take the company private. The deal must still gain shareholder approval before it becomes official.

Lack Of American Competition

Alibaba’s push into streaming video in China will not pose…

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