Tudou, LeTV form partnership
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Shanghai Daily, October 19, 2011
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Domestic video sites Tudou and LeTV have entered into a partnership to share video content and reach a wider audience due to rising patent cost online video sites have to pay.
The two companies will set up a joint venture and inject an initial 300 million yuan (US$47 million) to pay for airing rights of domestic TV series and movies.
LeTV will hold 51 percent in the venture, and Tudou will take the rest.
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