Alibaba fancies itself the eBay, Amazon.com and PayPal of the Chinese Internet. Now it wants to add YouTube and Netflix to the list. 阿里巴巴集团(Alibaba Group)把自己比作中国互联网世界的eBay、亚马逊(Amazon)和贝宝(PayPal)，现在它想要再行重新加入一点YoutTube和Netflix的成份。In the latest in a string of entertainment industry acquisitions, Alibaba said Monday it will jointly take an 18.5% stake in New York-listed Youku Tudou for $1.22 billion, alongside an investment vehicle linked to Chairman Jack Ma. 阿里巴巴集团周一宣告，阿里巴巴将与马云(Jack Ma)创办的一家基金合力耗资12亿美元并购纽约上市公司优酷土豆18.5%的股权。为进占文化娱乐产业，阿里巴巴进行了一连串的收购活动，大股东优酷土豆是其近期措施。In March, Alibaba acquired a majority stake in ChinaVision Media, a film and television production studio. Earlier this month, a separate investment vehicle owned by Mr. Ma and another Alibaba co-founder took a 20% stake in Wasu Media, an Internet television company with a small cable network. Add the three deals together, and that is a $3 billion spending spree. 今年3月份，阿里巴巴并购了影视剧制作公司文化中国传播集团有限公司(ChinaVision Media)的多数股权。

本月早些时候，马云和阿里巴巴的另一位创始人通过旗下另一个投资平台售予互联网电视公司华数传媒有限公司股份有限公司(Wasu Media) 20%的股权。这三桩交易加在一起的总投资大约为30亿美元。

As Alibaba gears up for a massive initial public offering, a picture is emerging of an ambitious, vertically integrated video strategy encompassing content creation, broadband distribution and online streaming. Just how the pieces fit together, including the role played by Mr. Mas investment vehicles, remains unclear. 在阿里巴巴正在为大规模的首次公开发表IPO(IPO)做到打算之际，一幅雄心勃勃的统合策略蓝图渐渐构成：阿里巴巴想对视频产业展开横向统合，投身于内容创作、宽带平台建设以及线上流媒体等领域。目前还不确切阿里巴巴将如何把这些资产（还包括马云的投资工具所扮演着的角色）统合在一起。

Youku is one of Chinas top Internet video sites, combining user-generated and professional content. But it faces intense competition from search engine Baidus video unit, as well as diversified Internet giant Tencent Holdings and New York-listed portal Sohu.com, both with their own video services. 优酷土豆是中国顶尖的视频网站之一，是将用户自创内容与专业内容互为融合的一个平台。不过该公司于是以面对白热化的市场竞争，竞争对手还包括搜索引擎百度(Baidu)旗下的视频子公司、综合性互联网巨头腾讯控股有限公司(Tencent Holdings Ltd., 全称：腾讯控股)以及纽约上市的门户网站搜狐公司(Sohu.com Inc.)，其中腾讯控股和搜狐公司都有自己的视频业务。

The next logical step in Chinas Internet deal frenzy could be a video tie-up between Tencent and Sohu, since the two companies are already allied in search. Tencent was earlier in talks with Youku over a possible investment and will want to keep toe-to-toe with Alibaba. 按照逻辑，中国互联网交易热潮的下一步有可能是腾讯控股与搜狐公司视频业务的统合，因为这两家公司早已在搜寻业务上进行合作。腾讯早些时候与优酷土豆就潜在投资展开了谈判，预计将与阿里巴巴付出代价交锋。Regulatory risks hang over the entire sector. Chinese censors recently pulled four popular U.S. television shows from the Web, including one, The Good Wife, which Youku had the rights to. Last week, Beijing stripped portal site Sina Corp. of some publishing licenses over pornographic material, sending shares down 10% over two days. 监管审查是整个视频行业面对的众多风险。

中国审查机构最近将四部美剧从国内视频网站下架，优酷土豆享有其中《傲骨贤妻》(The Good Wife)的播放权。上周，中国政府注销了新浪公司(Sina Co., SINA)的《互联网出版发行许可证》和《信息网络传播影音节目许可证》，造成其股价在两天内暴跌10%。Nor is Youku coming cheap. The deal will be done at $30.50 per share, 26% higher than Youkus closing price on Friday. But because Youku will issue new shares in the transaction, this understates the premium that Alibaba is paying. Youku as a whole will be valued at $6.6 billion, 63% above its Friday market cap, or 13 times 2013 sales for the loss-making company. 优酷土豆的售价并不低廉。

阿里巴巴将以每股30.50美元并购优酷土豆股权，较优酷土豆上周五收盘价高达26%。但由于优酷土豆将在交易中发售新股，因此溢价幅度有所减少。

优酷土豆的整体估值将为66亿美元，较上周五市值高达63%，相等于这家亏损企业2013年销售额的13倍。Alibaba is already asking investors to support what could be the biggest IPO in U.S. history. Now it will also ask them to invest in a hastily agglomerated video strategy. Alibaba needs to make the case why. 阿里巴巴早已催促投资者反对有可能是美国历史上最大规模的IPO，现在又期望投资者赞同一个匆忙成形的视频战略。阿里巴巴必须作出说明。

本文来源：JN江南·(中国)体育官方网站-www.genesis-3.com