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本文摘要：What may soon be streaming at the Chinese video site Youku Tudou are tears of relief.有可能迅速，中国视频网站优酷土豆之后不会眼泪如释重负的泪水。

What may soon be streaming at the Chinese video site Youku Tudou are tears of relief.有可能迅速，中国视频网站优酷土豆之后不会眼泪如释重负的泪水。Alibaba, China’s biggest e-commerce company, has offered to buy the 82 percent of Youku that it doesn’t already own, at a 30 percent premium to the market price. A deal would end Youku’s unprofitable run as a public company and help Alibaba realize its multiscreen strategy. The move should also create value. Though that bit is most likely an afterthought.中国仅次于的电子商务企业阿里巴巴明确提出出售优酷余下的82%股份，其开价低于市价30%。

这宗交易将中止优酷作为上市公司的亏损营运，并有助阿里巴巴构建多屏战略。此举应当也能带给收益，但这应当不是主要目的。

Youku is the dominant force in Chinese online video — effectively the YouTube of the People’s Republic. Like YouTube, it has never reported a profit. Aside from advertising fees, Youku is now charging users to watch its best content, but that means giving them something worth watching.优酷在中国网络视频中举足轻重，实质上如同中国的YouTube。跟YouTube一样，优酷未曾报告过盈利。除广告费外，优酷目前还向用户收费，收费用户能观赏最精彩的内容，但这意味著优酷必须为用户获取有观赏价值的视频。

The fees Youku paid for content increased 78 percent over the last year to 744 million renminbi, or about $117 million, in the latest quarter. Larger rivals like Baidu, a search engine that also owns an online video site, can swallow those costs with ease. That’s not the case for tiny Youku.在最近一个季度，优酷在内容方面的开支较一年前减少了78%，超过了7.44亿元人民币（大约1.17亿美元）。搜索引擎百度也享有网络视频网站。

像百度这种大型竞争对手，能精彩地分担这笔成本，但弱小的优酷就无法了。It may seem petty to consider whether the deal creates value for Alibaba shareholders, but, as it happens, it probably does. The 30 percent premium is worth around $1.2 billion. Yet Youku’s bandwidth costs alone — what it pays for telecoms and data storage — are an annualized $213 million. If the data colossus Alibaba can eliminate those, the savings, taxed at Youku’s 15 percent rate and capitalized, are worth more than $1.8 billion.这宗交易能否为阿里巴巴的股东建构价值？也许考虑到这个问题不会变得较小气，但这还真为有可能再次发生。

阿里巴巴得出的30%溢价约相等于12亿美元。然而，单单是花上在电信企业和数据存储上的比特率成本，优酷每年的开支之后超过2.13亿美元。如果数据巨头阿里巴巴能避免这方面的开支并流经资本（优酷须要交纳15%的税款），之后能节省多达18亿美元。Beyond that, the benefits of the deal are fairly abstract. Perhaps Alibaba will create a Chinese answer to Netflix. Perhaps it will sell more video advertising spots to its online merchants. Alibaba and Youku may even be able to use data about shoppers’ online habits to create programming relevant to their activities.除此之外，这宗交易带给的收益非常抽象化。

也许阿里巴巴不会建构一个中国版的Netflix。也许阿里巴巴不会向网上店铺促销更加多视频广告位。阿里巴巴和优酷甚至还可以利用购物者网际网路习惯的数据，制作与用户活动有关的节目。But really, who cares? Youku is less than 3 percent of the combined companies’ market value. And approval is more than likely a given, since almost 60 percent of the shares are held by Alibaba and its supporters, such as Victor Koo, a Youku founder, who will also receive an undisclosed package for staying on as chairman.不过说真的，谁介意呢？优酷占到拆分后公司市值严重不足3%。

而且阿里巴巴及其支持者持有人优酷近60%的股份，批准后拆分已如探囊取物。支持者就还包括优酷创始人古永锵，他将不会接到条款并未对外发布的补偿，以交换条件其复职董事长。

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